Risk Management Tips for Tax Season

With the increasing complexities in tax law and regulations facing CPAs today, it is even more difficult to stay current on risk management and loss prevention practices. IMPACT presents the following overview of key liability areas, pitfalls and tips as a guide for tax practitioners heading into busy season.

DOL Employee Benefit Plan Audit Inspections

Special attention should be paid to a new consent form now accompanying document requests from the Office of the Chief Accountant (OCA) under the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA). Recent OCA document requests now include a request for the CPA to consent to the release of the CPA’s audit workpapers to other authorities. Many CPAs, believing they are required to sign the consent or not aware of its implications, are signing the consent.

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Latest Articles

  • 05 Feb

    Five reasons why CPAs believe they will never be sued

    CPAs generally take every precaution feasible to ensure error-free work, but that may not be enough to ensure a firm's security. In our litigious society, it's wise to be prepared for that unexpected bump in the road. To help put this in perspective, here are five common reasons why CPAs d... read more

  • 11 Jan

    January Tip - Documentation Tips for Tax Season

    Jurors (who are members of the public) generally consider CPAs to be experts in documentation, and falling short of that expectation when faced with a liability lawsuit may be viewed by the public as negligent and below the standard of care for the services rendered.

    The fol... read more

  • 17 Dec

    War Story 113

    #113: Difficult Client; Tax Planning and Return Preparation Services — A client with high turnover and disorganization in its accounting and financial staff is not only frustrating, but also a liability exposure if documentation is not thorough.

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  • 17 Dec

    General Data Protection Regulation

    General Data Protection Regulation ("GDPR") is a European mandate that went into effect on May 25, 2018. The regulation is designed to establish uniform data privacy law across the European Union, and applies to any EU established business, including U.S. companies and firms with offices i... read more