Tax Practice Management

2015 tax software survey

Thousands of CPAs assess the features and performance of their income tax preparation software as well as, for the first time, their software for estate and gift taxes.

Tax engagement letters

Use of this important practice tool can minimize professional liability risk, reduce confusion, improve collections, and ensure clients have a good understanding of the practitioner’s role.

Exercising due diligence

By providing documented due diligence, practitioners can explain why they took the position and show they used reasonable care when determining the position was appropriate.

AICPA’s revised confidentiality rule and Sec. 7216

The recently revised AICPA Code of Professional Conduct includes a new Confidential Client Information Rule under Section 1.700.001, which expands the guidance on maintaining the confidentiality of client information.

What to do when your client receives a summons

This column addresses summonses when issued in taxpayer examinations and is not designed or intended to be a full articulation of the significant legal implications of a summons or its enforcement.

IRS: Tax season to start on time

The IRS announced that it will begin accepting e-filed and paper tax returns on time this filing season. The late passage of tax extender legislation had threatened to delay the start of tax season.

IRS sending EITC due-diligence warnings

The IRS is sending warning letters to tax preparers it believes may not be complying with due-diligence requirements for the earned income tax credit (EITC).

Can practitioners give up their email disclaimers?

In June, the IRS finalized changes to Circular 230, Regulations Governing Practice Before the Internal Revenue Service, affecting the provision of written tax advice and certain other related provisions.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.