Advertisement
Topics

Professional liability

Corporate Transparency Act

Charles Wismer, CEO, FincenFetch, discusses firms and FinCEN beneficial ownership information (BOI) report filing,

Data protection and its impact on CPAs

CPA tax professionals face paramount data security concerns addressed by various data protection requirements, standards, and recommendations.

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.

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.

The many implications of Sec. 7216

Under Sec. 7216, tax professionals must protect clients’ tax return information or face possible criminal prosecution.

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.

Risk mitigation best practices

CPAs can limit liability risks by carefully drafting engagement letters, avoiding giving informal advice, fully vetting new clients, assessing the firm’s
competence to handle clients’ issues, and maintaining appropriate data security practices.

Professional responsibilities in the virtual age

As the COVID-19 pandemic forces firms to accelerate the adoption and overall use of virtual
communication tools, practitioners need to be aware that the foundational principles of ethics and best practices still apply when using these
technologies.

employee benefits & pensions

Abstract image of pie chart, with pieces being pulled from several directions. IMAGE BY VECTORMINE/ADOBE STOCK

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.

Tax Clinic

Proposed regulations issued on retirement catch-up contributions

IC-DISC commission payment provisions

The role of REITs for foreign investors in US real estate

Signing partnerships’ returns and other tax documents

Practical considerations for taxpayers and advisers following Loper Bright and Corner Post