Five tax preparation companies have been warned by the Federal Trade Commission (FTC) in regards to what information can and can't be shared for outside purposes.
The FTC is using its penalty offense authority to remind tax preparation companies of the law and deter them from breaking it. By sending a Notice of Penalty Offenses, the agency is warning recipients they could incur civil penalties of up to $50,120 per violation if they misuse personal data in ways that run counter to the original purpose for which this information was collected.