Show value, add value, and bring value: Part 2
After guiding clients through two years of struggle and turmoil, now is the time for CPA firms to build on those relationships by further highlighting the value proposition they provide.
Client communications
Best practices for engagement letters, POAs, and tax return extensions
This article discuss how and why to use engagement letters, choosing whether to represent a client via POA or tax information authorization, and the benefits of tax return extensions.
Keeping on top of tax changes
Members of the AICPA Tax Practice Management Committee share strategies for how they continue to keep clients, and themselves, up to date with the many tax law changes of the last several years and the many possibly to come in the near future.
Client, attorney, and preparer emails were protected from disclosure
Emails between client, attorney, and return preparer may be protected from disclosure under certain circumstances.
Working with cognitively impaired taxpayers
CPAs can take proactive steps to assist cognitively impaired clients in managing estate assets and tax responsibilities.
Small firm lessons from the pandemic
Small firms improvise to maintain productivity while keeping employees and clients safe from COVID-19.
Practical highlights of recent tax research
This article looks at recent academic research of interest to tax practitioners.
Modernize and virtualize your tax practice: Part 2
The shift to a more virtual business environment has been accelerated by the COVID-19 pandemic. Firms must be mindful of this evolving business model as they explore new methods for building up client relationships.
E-signatures: What will 2021 bring?
To alleviate hardships caused by COVID-19, the IRS temporarily expanded the forms that can be filed with e-signatures, but future policy is uncertain.
Modernize and virtualize your tax practice: Part 1
The COVID-19 pandemic fast-tracked the need to invest in technology to accommodate clients and staff in the new remote-working environment.
Tools to help nonfilers receive economic impact payments
The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.
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.
Anticipate the rush of panicked potential clients
Last-minute requests during the rush of tax season can turn into an opportunity to court new clients.
IRS spotlights requirement to have a written information security plan
The IRS launches fresh efforts to promote awareness of data security issues.
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.
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.
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.
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.
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.
Managing client expectations for IRS refunds
This column discusses reasons for delayed refunds and actions practitioners can take when a client is experiencing a delay.
