Practice Management & Professional Standards

Topics

November 1, 2019

AICPA task force works to update Statements on Standards for Tax Services

The Tax Practice Responsibilities Committee is reviewing the AICPA’s Statements on Standards for Tax Services to make clarifications where necessary and ensure they are relevant to current practice.

September 1, 2019

2019 tax software survey

This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.

September 1, 2019

Implementing tax automation and digital workflow

Firms can “wow” their clients by embracing tech tools that streamline many processes, including
creating seamless onboarding, using e-signatures for engagement letters, and automating procedures for filling out annual checklists.

August 1, 2019

Ethical considerations of e-business for practitioners

Social media and cloud computing create more challenges for CPAs to protect client information from unauthorized disclosures and to avoid making false or misleading claims about their services —
violations that could even be buried in webpage metadata.

July 1, 2019

A preparer-client decision: Whether to rely on the Sec. 199A proposed or final regulations

Taxpayers can rely on either the proposed or final
Sec. 199A regulations for 2018, and CPAs must evaluate which would be most beneficial for each
client.

June 1, 2019

Reflect, reboot, reengage: Emerging from busy season smarter and wiser

By using the summer to go through the process of reflecting, rebooting, and reengaging, CPAs can find ways to better serve clients, especially with a year of experience in the TCJA’s tax reforms under their belts.

April 1, 2019

Times have changed; professional standards should, too

The AICPA is revising its Statements on Standards for Tax Services and wants your help.

March 1, 2019

Embracing a tax staff mentoring program

A formal mentoring program can play a key role in the development of future leaders.

February 26, 2019

Times have changed; professional standards should, too

The AICPA is revising its Statements on Standards for Tax Services and wants your help.

January 1, 2019

A substantial-authority scorecard and example for excluding Sec. 1202 gain for a carried partnership interest

Keeping a “scorecard” of the weight of authorities on a particular position can be helpful to determine the objective merits of a tax position.

December 1, 2018

The TCJA: A disruptive factor for the 2019 tax filing season

CPAs can reassure an unsettled client base by confidently providing coherent explanations and advice relating to the many changes brought about by last year’s tax reform legislation.

November 1, 2018

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.

October 1, 2018

Preparing clients for tax surprises: How to handle tax bills that clients cannot pay

CPAs can advise clients about several IRS programs for paying past-due taxes.

September 1, 2018

Third-party verification requests

When CPAs are asked to provide comfort letters,
they must be clear about facts they are affirming,
giving careful consideration to client confidentiality and other liabilities that could arise from a lender’s reliance on those facts.

August 1, 2018

The Sec. 7525 privilege relating to taxpayer communications

CPAs can protect tax advice to clients from disclosure by understanding the scope of the Sec.
7525 practitioner-client privilege, when it applies, and what actions can cause a waiver of this
key protection.

August 1, 2018

2018 tax software survey

To get through the rigors of tax season, CPAs depend
on their tax preparation software. Here’s how they rate
the leading professional products.

July 1, 2018

IRS warns small businesses about tax return identity theft

The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.

July 1, 2018