K2's Road to Excellence - Part 4
Critical Tips for Avoiding Identify Theft and Intuit ProFile

Identity theft is the fastest growing crime in the United States, with approximately 10 million occurrences every year. On average, it will cost the victim several hundred dollars and dozens of hours to resolve. It can cause irrevocable damage to an organization's reputation and change public opinion.

This session will examine the major causes, factors, and outcomes of identity theft and organizational security breaches.

Learning Objectives

  • Examples of identity theft attacks
  • Identify when theft occurs
  • What information is most at risk
  • Best practices for preventing identity theft 

Make the Most with Intuit ProFile
ProFile is Canada’s #1 professional tax software application. See the new features and enhancements to help you collaborate more efficiently with your clients and streamline your workflow.

Learning Objectives

Upon completing this session, you will understand:
  • The top 10 Reason why customers love ProFile
  • Other great features and what’s new with ProFile
  • The Quickbooks and ProFile Ecosystem and why Quickbooks and ProFile are better together

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Questions & Answers

Identity Theft Questions
Answers
Thoughts on deceased persons FB or Linked In account? At risk? Simple way to deactivate?
It is recommended to use a password manager and then provide access to it upon death. This provides the executor with the information needed to deal with all of the online accounts people have.
Is data from a BitLocker protected drive still encrypted when backed up to an external drive?
The data is only protected when it is on the encrypted drive. You can use Bitlocker to encrypt the external drive; a password will then be needed to access any files on the external drive when it is attached.
Can I encrypt a NAS drive which allows other laptops in office to access?
The ability to encrypt a NAS (network attached Storage) varies from vendor to vendor. A common NAS vendor is Synology and here is the link to the steps to encrypt files on their devices.
How does one know what programs to trust in terms of security?
Deal with vendors you know or have heard of and read the documents provided by them which explains the security they have in place. For mobile devices make sure to only get apps from the store.
  1. Do you have a preferred password manager?
  2. Is site "haveibeenpwned" safe to check if your email address has been compromised?
  3. You can also check your password on that site, but I don't think that is recommended?
  1. LastPass and 1Password
  2. Yes, https://haveibeenpwned.com/ is safe to check if you have an account that has been compromised in a data breach
  3. The password managers can analysis your passwords and provide you with a listing of weak ones and duplicates
Intuit ProFile Questions
Answers
Does Profile have access to tax files stored in cloud and do they keep statistics on such returns?
Intuit does not have access to the files. Only the preparer will have the security access to the cloud portal to access the tax files.
Can PDF attachments to tax return be stored in cloud?
If you are using the Link feature in ProFile, you can use it to store a copy of your clients tax file in a PDF format to share with your clients.
If you are using flexible licensing, can you still specify user initials in the Options -> Environment and have them "stick" after restarting the software?
Yes the option for user initials will stick even if you use Flexible Licensing. As long as the settings have been set to not change the Preparer information, your settings will stay as you have set.
Can HUB be used as portal for clients to review draft and final tax returns?  Can it be used for other than ProFile documents?
The Hub and Link feature will enable you to collaborate with your clients for reviewing draft and final tax returns.
Why do I not get the tips email?
Please reach out to our support team for the Tips email and we will look further into making sure you do get these emails.
What is the price for ProFile 20 for doing 2018 T1 returns?
The pricing for ProFile 20 for T1s is $230 plus the prov taxes.
What is the learning curve/timeline when changing to Intuit from other accounting/tax preparation programs?
You can propel your timeline of learning an Intuit Accounting or Tax Preparation by using the numerous materials (How to Videos, Articles and Live trainings) offered along with working with an onboarding specialist. These suggestions will get you on the fast track in learning the software.
Was there one for doing 2017 T1 returns?
If you are asking about ProFile 20 for TY17? Then it does support creating returns for Tax Year 2017 returns.