Employee retention has long been an issue in public accounting. Firms across the country are implementing unique as well as time-tested strategies to deal with this concern.
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Practice Management & Professional Standards
New Regs. Govern Overseas Disclosure and Use of Taxpayer Information
The IRS issued final regulations under Sec. 7216 to update the existing rules to address current tax industry practices, such as electronic preparation and filing, expanded tax and nontax service offerings, and resource sharing across national borders.
AICPA Exposes SSTS Draft
On November 26, the AICPA’s Tax Executive Committee exposed for review draft revised Statements on Standards for Tax Services (SSTS).
Questions to Include in Individual Tax Organizers
To help clients avoid possible penalties and sanctions, practitioners should ensure that the following questions are included in their customized tax software organizers for individual clients for the upcoming filing season.
Communicating with Clients in Difficult Times
The trusted, knowledgeable adviser must be proactive. Clients trust their CPAs and the advice, information, and education they provide.
Record Retention
Every firm should have a record retention policy and should have its legal counsel review this policy to make sure that all legal areas are covered. The policy should spell out what records should be kept and for how long.
A Case for Adding Personal Financial Planning Services to a CPA Practice
This column explores why CPAs make excellent PFPs, why CPAs move into financial planning, how successful CPA/PFPs have made the move, and some of the challenges they face.
Disclosure Under the Preparer Penalty Prop. Regs.
Editor: Lorin D. Luchs, CPA, J.D., LL.M. On June 16, 2008, the IRS issued proposed regulations (REG-129243-07) on tax return preparer penalty standards that it hopes to have finalized by the end of the year. The proposed regulations amend existing regulations to take into account the provisions in the Small
Creating Value in the Corporate Tax Function Through Benchmarking
Co-Editors: Steven F. Holub, CPA; Jane T. Rubin, CPA Today’s tax departments are required to balance day-to-day operations, changing tax laws, and regulations with limited resources and constrained time lines. Compounding those challenges is increased regulatory scrutiny requiring more transparency and currency, which in turn requires greater data accuracy and
Temp. Regs. Give Guidance on Return Preparer Information Disclosures
The Service released final and temporary regulations that govern the disclosure of a taxpayer’s Social Security number to overseas return preparers (T.D. 9409; REG-121698–08). Under the temporary regulations, such disclosure will be permitted in limited cases, with the taxpayer’s consent. Return preparers are generally forbidden to disclose a taxpayer’s Social
Applying AICPA Business Valuation Standards in Tax Practice
the AICPA issued Statement on Standards for Valuation Services (SSVS) No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset, effective for all engagements accepted on or after January 1, 2008. The new standards apply to any AICPA member, or a nonmember CPA practicing in a state that has adopted SSVS No. 1, who is engaged to estimate the value of a business, business ownership interest, security, or intangible asset.
The Importance of CPAs Supporting VITA: One CPA’s Experience
It is important that CPAs provide their expertise to ensure that VITA provides the level of required service and quality of return preparation.
Ten Things CPAs Need to Know About Structured Legal Fees
With the right preparation, a structured legal fee agreement can be an excellent tax planning tool for plaintiffs’ lawyers.
Concerns About CPA Letters to Third Parties
A CPA receives a request from a client to provide a letter to the client’s mortgage broker, lender, adoption agency, or other third party. Is there any harm in the CPA signing the client’s suggested letter or writing one of her own?
CPAs Can Take the Lead in Boomer Financial Planning
Baby boomers will need a wide range of financial planning services and have the money to pay for them.
Sec. 7216 Regulations
The AICPA Tax Division has formed a task force to review the impact of final regulations released by Treasury and the IRS in January 2008, involving the disclosure and use of tax return information by tax return preparers under Sec. 7216.
Tax Practice and the Federal Criminal Code
Tax practitioners and taxpayers can be prosecuted for crimes under the criminal sections of the Internal Revenue Code and under the general criminal provisions in Title 18 of the U.S. Code.
CPA Obligations for Addressing Errors and Omissions
Both Circular 230 and AICPA professional standards impose obligations on CPAs who encounter errors or omissions on prior-year tax returns.
CPAs at Risk as Government Continues to Attack Abusive Tax Shelters
Through regulations and other forms of guidance issued since 1999, the IRS has clearly put tax practitioners on notice that it considers tax shelter transactions that generate noneconomic tax losses as not allowable for federal income tax purposes.
Training in the Modern Tax Practice
Training in the 21st-century public accounting firm is very different than it was 30 years ago, when many of the baby boomers who are now in management positions within the firms began their careers.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
