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 following are some documentation tips to follow for tax season:

  • Always document significant meetings, communications and follow-up. Follow up with written communication in the following circumstances, such as:

    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 in the EU.

    It is critical to recognize that GDPR does have implications to U.S. CPA firms, even if the firm does not have an EU office. Reference the following scenarios:
    • The firm offers services to clients ("natural persons" or "individuals") in the EU.

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