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

Applying AICPA Business Valuation Standards in Tax Practice

Article:  the AICPA issued Statement on Standards for Valuation Services (SSVS) No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset, effective for all engagements accepted on or after January 1, 2008. The new standards apply to any AICPA member, or a nonmember CPA practicing in a state
Published on May 02, 2010

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

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

CPA Obligations for Addressing Errors and Omissions

Article:  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

Tax Practice Quality Control Guide

Article:  The AICPA has provided substantial guidance to practitioners over the years on quality control as well as guidance regarding tax practice reviews, which are an integral part of the quality control process. It is important that all members of the firm (partners and employees) understand the firm's commitment to the
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

Tips for Preparing the Form 5471 for Controlled Foreign Corporations

Article:  This article gives an overview of the issues faced by practitioners when preparing Form 5471 and can serve as a roadmap to the potential problems and traps for the unwary.
Published on January 28, 2011

The Importance of CPAs Supporting VITA One CPAs Experience

Article:  It is important that CPAs provide their expertise to ensure that VITA provides the level of required service and quality of return preparation.
Published on May 14, 2010

New Requirements for 2006 Business Filers

Article:  Editor: John L. Miller, CPA When filing 2006 corporate tax returns, many businesses will encounter new IRS requirements that significantly affect how they file. Some filers of Forms 1120, U.S. Corporation Income Tax Return, and 1120S, U.S. Income Tax Ret
Published on July 13, 2010

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

New Rules Govern Practice Before the IRS

Article:  Editor: Joel E. Ackerman, CPA, MST The highly publicized accounting scandals of 2002, such as Enron, WorldCom, and Global Crossing, along with revelations about tax shelter abuses, have had wide-reaching financial effects on investors and the economy. Act
Published on April 19, 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 of her own?
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

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