Around this time last year, as we glanced in our rearview mirror, tax season was approaching quickly. As the days and weeks went by, it was clear that “objects are closer than they appear!” Along with the normal tax season preparations, many more challenges were afoot. A government shutdown was underway, we were preparing for the first round of returns filed under the Tax Cuts and Jobs Act, IRS guidance was still being issued on key provisions and we were doing quality control on our tax software.
It’s a new year, a fresh tax season and time for a new outlook. This year, you can proactively use an arsenal of AICPA resources in 2020 to get you and your firm in tip-top shape for the upcoming tax season.
Form 1120-C C corporation checklist and addendum of recent tax law updates — Download these two resources from the AICPA Tax Section’s Annual Tax Compliance Kit. The checklist helps you identify planning opportunities and potential risks on a return. Review the addendum to get highlights of the latest tax updates from the Further Consolidated Appropriations Act, 2020, H.R. 1865 to see how it will affect 2019 returns and potentially previously filed 2018 returns.
Filing season quick guide — Keep this handy to refer quickly to tax tables, common thresholds, standard amounts, limitations and other 2019 facts and figures.
IRS hotlines quick reference chart — Tap into this Rolodex of IRS contacts to resolve various issues.
Tax return due dates guidance and federal due dates chart — Stay on top of those tax return and payment due dates to maximize your workflow.
Sample consent forms for disclosing tax return information — Use this template when you need to share your client’s tax return information with outside parties.
Document retention FAQs — Get guidelines on implementing (or updating) a document retention policy for your firm.
Tax law snapshot and 2019 tax year in review — Use these two client-facing guides in the Tax Practitioner’s Marketing Toolkit to start the right planning conversations with your clients before tax season.
Analysis of a tax return for financial planning opportunities — Identify where your clients need proactive planning by running through their individual tax return alongside this checklist.
Personal Finance Scorecard — Check out this tool to help spur conversations with prospective and existing clients about their financial health and identify areas for improvement.