Practice Management & Professional Standards

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.

Taking back control with quality management

Upcoming revisions to the AICPA Statements on Standards for Tax Services may include standards for quality management in a tax practice. The SSTS Revision Task Force is seeking comments from stakeholders as it undertakes this project.

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.

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.