Practice Management & Professional Standards

Topics

December 21, 2023

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.

December 1, 2023

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.

November 29, 2023

FinCEN extends BOI reports deadline for certain companies

Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.

November 8, 2023

FinCEN will allow use of identifier in beneficial ownership reporting

Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.

November 1, 2023

Understanding the updated tax ethical standards

Examples illustrate how to apply the revised AICPA Statements on Standards for Tax Services, which go into effect in January 2024.

November 1, 2023

LITCs: Not just for law schools

Business schools, while a relatively rare venue for Low Income Taxpayer Clinics, can derive valuable educational opportunities from them while assisting taxpayers in their communities.

October 31, 2023

AICPA, others call for a one-year extension of BOI report deadline

In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.

October 1, 2023

Claim for refund: Beware of sinkholes

Heeding filing and ‘lookback’ limitations for refund claims in a variety of circumstances is crucial to preserving them.

October 1, 2023

Responding to an IRS information document request

Responding wisely to an IRS information document request and its potentially expansive scope can help clients successfully weather an examination.

September 28, 2023

FinCEN proposes BOI reports deadline extension for certain companies

Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.

September 19, 2023

FinCEN posts guide to help small businesses with BOI reporting

A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.

September 1, 2023

A path to improving firms’ employee retention

A thriving a workplace for tax practices depends upon adopting strategies that can improve employee retention, inclusion, growth, and effectiveness.

August 1, 2023

What tax litigators wish other tax professionals knew

Tax planning and compliance professionals can better position their clients — and themselves — against any civil or criminal federal tax enforcement action by taking these steps and precautions.

August 1, 2023

AICPA finalizes new standards on tax positions

Recent revisions to the SSTSs effective beginning in 2024 include dividing standards on tax positions between two sections.

August 1, 2023

Cybersecurity for tax pros

John Sapp, CPA, Chief Revenue Officer, Drake Software, discusses some ways tax professionals can protect their clients’ data and prepare for the worst.

August 1, 2023

Insights from academic tax research to inform tax reform and practice

Research papers focus on the use of big data in tax compliance, the management of corporate tax risks, profit shifting spurred by tax holidays, how low-ETR companies avoid taxes, and how companies use savings from tax avoidance.

August 1, 2023

2023 tax software survey

CPAs assess how their return preparation products performed.

June 1, 2023

Tips and tricks for onboarding new clients

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.

May 16, 2023

AICPA joins coalition to increase awareness of new BOI requirement

Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.

May 1, 2023