CPAs assess how their return preparation products performed.
Advertisement
Topics
Practice Management & Professional Standards
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.
Academic research sheds light on important tax matters
Recent academic journal articles of potential interest to tax practitioners investigated companies’ tax-avoidance behavior, knowledge sharing between accounting firms’ audit and tax personnel, the TCJA’s effects on US corporations’ debt structure and effective tax rates, and how cryptoasset investors respond to tax-compliance scrutiny.
Can a system of quality management in tax benefit everyone?
AICPA members’ responses to questions about a possible system of quality management in tax highlight challenges warranting further study and discussion.
IRS penalties, abatements, and other relief
Taxpayers and their advisers can benefit from a thorough understanding of law and procedures concerning abatement and other relief from tax penalties.
What I wish I’d known before becoming partner
Members of the AICPA Tax Practice Management Committee discuss what they wish had been clearer to them before they became partners in their firms.
What diligence means in today’s tax practice
Statutory, regulatory, and professional standards requiring tax practitioners to exercise due diligence apply in a variety of services and contexts.
IRS online tools for tax practitioners
The IRS has rolled out potentially helpful digital services for tax practitioners as part of its modernization efforts.
What to do when a client dies
CPAs often play a critical role in tax compliance and planning relating to estate and trust administration following a client’s death.
Data protection and its impact on CPAs
CPA tax professionals face paramount data security concerns addressed by various data protection requirements, standards, and recommendations.
FinCEN guide lists rules for some financial institutions’ access to BOI
The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations.
AICPA member insurer clarifies coverage for BOI work by accountants
CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting.
Teaching tax ethics: Resources for educators
Sources of teaching materials on tax ethics include the AICPA and other practitioner standards as well as tax law and related IRS guidance.
Tax ethics and use of generative AI systems
Firms can work to adapt their use of generative artificial intelligence systems to comply with specific AICPA, state, and federal tax practice ethical standards and requirements.
BOI reporting and unauthorized disclosure penalties increased
The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.
2023 Arthur J. Dixon Memorial Award
Two individuals, Michael P. Dolan, J.D., and Edward S. Karl, CPA, CGMA, received the 2023 Arthur J. Dixon Memorial Award, the highest honor the accounting profession bestows in the area of taxation.
AICPA tax advocacy on digital assets
This novel and evolving form of assets continues to raise tax questions that an AICPA task force puts forward with suggestions for IRS guidance and congressional legislation.
The many implications of Sec. 7216
Under Sec. 7216, tax professionals must protect clients’ tax return information or face possible criminal prosecution.
Final rule issued on access to beneficial ownership information
The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.
AI and the importance of firm oversight
While artificial intelligence holds much promise for fulfilling routine chores, firms must wisely oversee its deployment and use with specific guidelines and safeguards.
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.
