Members of the AICPA Tax Practice Management Committee discuss their processes for determining whether prospective clients are a good fit for their firm and, if so, establishing that relationship.
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Topics
Client acceptance
Risk mitigation best practices
CPAs can limit liability risks by carefully drafting engagement letters, avoiding giving informal advice, fully vetting new clients, assessing the firm’s
competence to handle clients’ issues, and maintaining appropriate data security practices.
Preparing to work indirectly with the cannabis industry
As more states legalize marijuana, CPAs should consider not only whether to take on clients directly
involved but also how to counsel clients whose own businesses are involved in the industry.
How to Add a New Specialty to Your Practice
By developing expertise in a new practice area, a CPA can increase income and become a more well-rounded professional.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.