CFP Board’s Reporting Standards Impact Advisors with Federal Tax Lien Notices

CFP® professionals have long been subject to a litany of requirements. The new reporting standard, set forth in the CFP Board’s Code of Ethics and Standards of Conduct, expands the number and types of events that are required to be disclosed, while tightening the time frame in which they must be reported, which is now within 30 days. 

This may be especially tough for those with new federal tax liens. By the time one learns of a formal filing via certified mail, the clock has already begun ticking. Advisors who are lucky enough to get constructive notice of a lien filing, or an alert that a lien is imminent, may be able to resolve the debt quickly and without triggering a disclosure requirement. 

AdvisorLaw has proven strategies for both resolving back taxes and expunging existing lien disclosures from financial advisors’ BrokerCheck®, CRD, and IAPD records. Our tax debt resolution experts prioritize the unique compliance considerations imposed by FINRA, the SEC, the CFP Board, and other regulatory bodies, while tailoring strategies to each individual advisor’s specific needs. 

Our team of tax debt experts recently helped a client seeking to resolve more than $1 million of tax liability that had built up over the last several years. AdvisorLaw successfully navigated the Offer In Compromise process and procured a major win for our client. The liens were not only removed from this individual’s public record, but also from their BrokerCheck report. The advisor now plans to sell their book of business to a colleague, a transaction that was on hold for more than a year.

Whether you’re on a payment plan or need assistance with resolving the debt you’ve already incurred, AdvisorLaw is uniquely positioned to help you. We understand how damaging these disclosures can be to your reputation. Contact us for a free consultation about our Tax Lien Resolution and Disclosure Expungement services.

AdvisorLaw’s services were created exclusively for financial advisors.