Practice Management & Professional Standards

Topics

March 1, 2013

Background and Methods of Integrative Tax Practice

CPAs must assess the methods, skills, and tools needed for family practice to better integrate clients’ most important personal finance concerns.

March 1, 2013

Rules on Use, Disclosure of Taxpayer Information Finalized

The IRS issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information.

February 6, 2013

IRS Postpones Effective Date of New Procedures for Consents to Disclose

The IRS Rev. delayed the date that taxpayer consents to disclose and consents to use tax return information must contain the mandatory language recently issued in Rev. Proc. 2013-14.

February 1, 2013

Establishing an Ethical Culture in a Tax Practice

This column offers practical suggestions for ways a professional firm can communicate, reinforce, and monitor its code of conduct in tax practice.

December 27, 2012

Mandatory Language for Consents to Disclose, Use Taxpayer Information Modified

The IRS has provided guidance to tax return preparers about the format and content of taxpayer consents to disclose and consents to use tax return information and modified the mandatory language required on each taxpayer consent.

December 26, 2012

Rules on Use, Disclosure of Taxpayer Information Finalized

The IRS issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information.

December 1, 2012

Transferring Client Data Securely

It is critical for CPAs to maintain control over the transfer of data to assure that their clients’ confidential information is not compromised.

November 1, 2012

Tax Practice Quality Control

Practitioners should consider implementing a tax practice quality-control system.

October 1, 2012

Setting Up Firm Procedures to Fight Identity Theft

Ways tax professionals can help combat identity theft and educate their clients.

September 1, 2012

Helping Associates Achieve Work/Life Balance

This column outlines suggestions for helping a firm’s associates achieve a work/life balance that is appropriate for them.

August 24, 2012

AICPA Provides Guidance on FSA Certification Letters

Tthe AICPA has worked with the FSA to create a certification letter CPAs can use when their clients are asked to certify income and is providing its members with sample engagement and disclosure letters to be used in connection with providing a certification letter for clients.

August 1, 2012

2012 Tax Software Survey

More than 6,000 CPAs assessed the software they used to prepare 2011 tax returns, revealing what they liked and disliked about their software.

August 1, 2012

Circular 230, Section 10.21, and SSTS No. 6: Standards Relating to Taxpayer Errors and Omissions

Circular 230 SSTS No. 6 impose standards of conduct on CPAs who discover an error or omission in a prior-year tax return.

June 1, 2012

How to Start a Firm

Generally the trend in the profession has been the consolidation of firms to gain economies of scale and spread of overhead, but now may be a great time to start a firm and experience the benefits and burdens that derive from being an owner.

May 1, 2012

Interpretations of SSTS No.1, Tax Return Positions

Recently issued revised and updated interpretations of the AICPA’s SSTS No.1, Tax Return Positions, provide guidance to practitioners on tax reporting standards when recommending return positions or preparing or signing returns.

May 1, 2012

Due Diligence Update

This column discusses the tax professional’s due-diligence obligations under SSTS No. 3 and Circular 230.

April 1, 2012

Ethical Considerations in Reporting Use Taxes on State Income Tax Returns

As more states allow residents to report a liability for state use taxes on their individual income tax returns, practitioners will have to explain to clients their obligations in reporting use tax liability and address the professional standards for reporting use tax on a state income tax return.

March 1, 2012

Impact of Millennials on CPA Firms

As members of the Millennial generation continue to enter the workforce, CPA firms will increasingly need to focus on how to successfully attract, motivate, develop, and retain these individuals.

January 1, 2012

2010–2011 Revisions to Circular 230

This article focuses primarily on the Circular 230 tax preparer penalties and other sanctions as well as the regulations governing practice before the IRS that were revised by T.D. 9527.

December 1, 2011

Appreciation of Client Family Dynamics: A Case Study

Much of a CPA’s job involves dealing with family dynamics, and often this requires skills related more to understanding and communication than technical expertise. Three useful points should be used to improve practice management when families are involved.