Practice Management & Professional Standards

2021 tax software survey

Our annual survey shows how CPAs rate the tax preparation software they used during this year’s tax season and how it handled retroactive tax law changes that happened during the season.

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.

Academic research for your practice consideration

Recent tax research papers focus on interactions practitioners have with clients on contentious issues; how state regulations affect the quality of preparers; the effect of addback statutes on corporate innovation; and how to mitigate the effect of the new GILTI.

Your federal tax privilege checklist

Tax practitioners can rely on several doctrines to preserve the confidentiality of client communications, but they must follow appropriate procedures and provide clear documentation to protect the privilege in IRS exams or legal proceedings.

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.

Building good habits: Keeping up to date

Students’ future success will depend on learning routines for staying current with constantly changing tax laws, accounting standards, business practices, and technology.

Ethics and the tax preparer

The AICPA’s complimentary annual webcast on Tax Ethics answers questions on client confidentiality, tax practice quality control, conflicts of interest, records retention, and how to address errors discovered on clients’ tax returns.

Tax Insider Articles

DEDUCTIONS

Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.