Practice Management & Professional Standards
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.
An extended deadline is fast approaching for implementing some elements of an information security plan under the FTC’s Safeguards Rule.
Fees charged to obtain and renew PTINs were excessive.
A qualified amended return can allow taxpayers to avoid certain penalties, but only in closely circumscribed circumstances.
Firms should have orderly processes for transitioning partners into retirement to maintain the confidence of clients and the trusted advisers who will continue to serve them.
The AICPA provides extensive guidance to help practitioners structure a record-retention policy that complies with the Internal Revenue Code and the AICPA Code of Professional Conduct.
Accounting educators can better prepare students for the working world with courses that present increasingly complex real-world scenarios and develop the skill of asking questions and learning from prior mistakes.
Despite the trend toward working from home and other nonoffice locations, tax practitioners still must meet professional requirements.
The lack of guidance and regulations and the unwillingness of some companies to provide information to shareholders places taxpayers and tax practitioners in a difficult situation.
Executives have an opportunity to transform their organizations. The key is to focus on culture and innovation.
The AICPA is seeking comments by Dec. 31, 2022, on proposed changes to the Statements on Standards for Tax Services, which have been reorganized and amended to reflect the current state of the profession and the emerging needs of today’s members.
Federal, state, and international tax issues are often examined, as well as the impact of nontax developments on tax policy and behavior.
CPAs assess how their return preparation products performed.
A firm could provide more value for clients and increase its profit margins by combining value pricing with tax planning.
The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.
A downloadable booklet describes the Gramm-Leach-Bliley Act’s safeguards rule and includes a template for a firm’s required written information security plan.
Even small firms should have a conflict-of-interest policy in place because Circular 230 holds tax leaders within a firm responsible for establishing procedures that ensure firm members comply with the rules.
Protecting a client’s tax privileges is a fundamental duty of the CPA tax professional, and it is critical that the CPA understand the privileges that are available to a client-taxpayer.
Bonus: The percentages for all products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2022 tax software survey.
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.
