This article discuss how and why to use engagement letters, choosing whether to represent a client via POA or tax information authorization, and the benefits of tax return extensions.
Engagement letters
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.
Professional responsibilities in the virtual age
As the COVID-19 pandemic forces firms to accelerate the adoption and overall use of virtual
communication tools, practitioners need to be aware that the foundational principles of ethics and best practices still apply when using these
technologies.
The importance of engagement letters for small firms
A well-drafted engagement letter can prevent a
misunderstanding with a client over the scope of services from turning into an expensive liability claim.
Kicking off tax season with engagement letters and organizers
It may be beneficial to consider making changes to your engagement letters and organizers this season.
Engagement Letters: Review Them Before It Is Too Late
Practitioners should consider taking a fresh look at
their tax engagement letter policy before the next busy season.
Tax Return Processes: The Intersection of Due Diligence and Quality Control
This column explores the interrelationship of ethical and practical considerations that start before client data come into the office and continue after the return is filed.
Setting Proper Boundaries With a Clear, Concise Engagement Letter
This column considers the contractual nature of engagement letters and addresses some common criteria that should be considered, and terms that should be included in, most engagement letters.
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.