Why and How to Conduct a Tax Practice Inspection
Article:
A firm can use a tax practice inspection as a tool to test the quality of tax services provided to clients, to develop specific recommendations for improvement, and to prepare or update a tax services policies and procedures manual.
Published on January 28, 2011
Sec. 7216 Regulations
Article:
The AICPA Tax Division has formed a task force to review the impact of final regulations released by Treasury and the IRS in January 2008, involving the disclosure and use of tax return information by tax return preparers under Sec. 7216.
Published on June 01, 2010
The Growing Epidemic of Financial Elder Abuse (and What CPAs Can Do About It)
Article:
Editor: Albert B. Ellentuck, Esq. The incidence of financial abuse perpetrated against the elderly in the United States is growing to epidemic proportions. Because the elderly are the fastest-growing segment of our population, more and more victims and
Published on April 19, 2010
New Rules for Disclosure and Use of Tax Return Information by Tax Return Preparers
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Newly finalized regulations should prompt all return preparers to evaluate their processes to ensure that they conform to the disclosure requirements of Sec. 7216.
Published on May 02, 2010
New Tax Preparer Rules for Disclosure and Use of Return Information
Article:
The IRS released final regulations under Sec. 7216, providing guidance for tax return preparers about the disclosure or use of tax return information.
Published on January 28, 2011
A Practical Guide to the Tax Issues of Investing in Master Limited Partnerships
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The tax reporting related to publicly traded partnerships has become an increasingly significant issue facing the tax practitioner community.
Published on July 13, 2012
FBARs and Not-Yet-Reported Offshore Income Penalties and Practitioners Issues
Article:
...1) options available for the client that did not disclose under the IRS’s voluntary disclosure program, which ended October 15, 2009; (2) practitioners’ responsibilities, including tax organizers and engagement letters; and (3) items suspended and/or extended to the June 2010 due date
Published on January 28, 2011
Record Retention
Article:
Every firm should have a record retention policy and should have its legal counsel review this policy to make sure that all legal areas are covered. The policy should spell out what records should be kept and for how long.
Published on May 03, 2010
Concerns About CPA Letters to Third Parties
Article:
A CPA receives a request from a client to provide a letter to the client’s mortgage broker, lender, adoption agency, or other third party. Is there any harm in the CPA signing the client’s suggested letter or writing one...
Published on May 14, 2010
Proposed Preparer Penalty Regs. Released
Article:
Proposed regulations implement changes to the return preparer penalties in Secs. 6694 and 6695 and related provisions.
Published on May 02, 2010
Asset Protection Planning with Limited Liability Companies
Article:
The basic objective of asset protection engagements is to transfer assets to reduce or eliminate any exposure to liabilities in conjunction with the client’s estate plan or other financial concerns
Published on March 11, 2011
CPA Obligations for Addressing Errors and Omissions
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Both Circular 230 and AICPA professional standards impose obligations on CPAs who encounter errors or omissions on prior-year tax returns.
Published on May 02, 2010
Planning Opportunities with the Sec. 121 Partial Exclusion
Article:
The partial exclusion of gains on the sale of a primary residence continues to be an attractive benefit for taxpayers.
Published on May 02, 2010
Requesting 9100 Relief
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Certain extension and administrative relief options exist if the taxpayer can obtain "9100 relief" under Regs. Secs. 301.9100-1 through -3.
Published on March 11, 2011
Teaching Tax Through the Socratic Method
Article:
This column explores a type of active learning pedagogy that university and continuing education instructors should consider using in order to help students attain more permanent and meaningful learning.
Published on July 22, 2010