Documentation Tips for Tax Season

With the increasing complexities in tax law and regulations facing CPAs today in light of the Tax Cuts and Jobs Act ("Tax Act," "Act" or "TCJA"), which introduced the most significant changes to the U.S. tax system since 1986, it is even more difficult to stay current on risk management and loss prevention practices.

Tax Tip – Documenting Advice and Decisions

Failing to document important information is a common mistake that often leads to claims. If it is not in writing, it may be presumed later in court that it didn’t happen. Juries and 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 as negligent and below the standard of care.

Pages

Latest Articles

  • 13 Nov

    How to respond to subpoenas

    CPA firms are often uncertain about whether or how to respond to a subpoena, as they also need to comply with a number of rules and regulations that are intended to protect client confidentiality. The following Q&A focuses on understanding the nature of subpoenas and how CPA firms can ... read more

  • 13 Nov

    The New 'Hosting Services' Interpretation

    Under the new "Hosting Services" ethics interpretation in the AICPA's Code of Professional Conduct (ET §1.295.143), effective July 1, 2019, CPA independence is impaired by taking responsibility for hosting a client's data or records. As such, if the only way that the client can access its... read more

  • 05 Nov

    FASB ASC 606 – Don’t Get Revenue Wrecked

    by Duncan B. Will, CPA/ABV/CFF, CFE

    Of course, you're relieved and exhausted – in addition to the traditional tax and accounting services you perform for your clients as their accountant and trusted adviser, you've helped them address the new tax law, consulted on a... read more