Planning for tax season is an important step in managing the professional liability risk associated with providing tax services. Having important control procedures in place can help mitigate the risk of a professional liability claim which can be costly and timely to resolve.
CNA, the endorsed underwriter of the AICPA Professional Liability Insurance Program, provides checklists with suggestions to consider when planning for tax season such as:
Ways to help clients prepare
How to update engagement letters
To-dos for client acceptance
Data security concerns
Tax software testing considerations
How to plan for deadlines and help avoid careless errors
Actions for future success
Annual Tax Compliance Kit — Engagement letters, organizers, checklists and practice guides help you manage your tax season workflow and excel as a tax and financial planning adviser.
Professional responsibilities in data security for tax professionals — Safeguarding your client’s data is paramount. Use these laws and guidelines to help you help your clients.
Tax season resource library — With constant changes to the tax landscape, being prepared for tax season is critical for success. Set yourself up for a smoother filing season by tapping into the wealth of AICPA and Tax Section resources.