Tax Feed

Form 1040 income tax return

The AICPA provides tax practice tools to help members elevate their practices and maintain the highest ethical standards. The AICPA also advocates sound tax policy and effective tax administration.
















Need Help? 3 Simple Steps to Find CPA Talent

Hiring“I just cannot decide which one of these tax manager candidates to hire”…

Says the rare CPA firm these days.

It is no surprise to CPAs in tax practice that finding and keeping talented staff is no easy task. Gone are the days of a waiting area filled with navy suits, briefcases, and overly qualified CPAs, each praying he or she will be the one chosen for the position. I imagine, instead, a desperate employer fumbling through Internet job sites, which serve as a digital wall too tall and wide to see around, with talented people all over the world on the other side, yet often seemingly unreachable to the employer.

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Change is Scary, but Can Inspire Progress

ChangeEarlier this year, the AICPA decided to phase out the “free/no CPE” option for attending section-sponsored webcasts. This “mixed model” was creating CPE compliance concerns so it was replaced with a selection of free events with CPE while maintaining the event archives for viewing content without CPE.

When the Taxation Team learned that the change would also apply to the Tax Power Hour (TPH), a monthly practice management webcast series, we were concerned about the impact it might have on our members. However, the team quickly came to realize this change was a blessing in disguise.

We had become complacent and had not really followed our own advice: always spend time working on your business, not just working in your business. We had stopped working on our business and were completely consumed with working in our business of serving members with new fresh resources. I’m falling on my sword with a public ‘mea culpa’ in the hopes that our members can learn from our mistakes with this valuable resource. As writer Phyllis Theroux said, “Mistakes are the usual bridge between inexperience and wisdom.

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Deflategate, Binkygate & Disclosing Open Tax Years

DeflategateNot many things capture our collective attention like investigations into controversial cases. The NFL’s investigation into underinflated footballs, or the ongoing allegations of corruption in FIFA, to whether or not David Beckham is a shoddy parent for allowing his daughter to continue to use a pacifier at age 4 are just a few examples. The accounting profession has its investigations into controversies too. A recent example is the investigation the Center for Plain English Accounting (CPEA) conducted about the applicability of the disclosure requirement of open tax years associated with FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes. The CPEA issued a report on this investigation in March.

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Due Date Changes– A Way Station on the Journey

Imagination is the only weapon in the war against reality.
― Lewis Carroll

JourneyIt started like most things we do: AICPA members needed it done. One after the other, after the other, and on and on, we heard from members who were tired of receiving complicated K-1s on October 13, 14 or even 15. “Please help us” they asked, so we turned to our Tax Executive Committee and said: “what makes sense?” And so, a multi-year, imaginative effort to craft a solution ended in a “way station” of success on July 31 when President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236).

The law provides for a more logical flow of a broad array of returns. The main idea was to have flow-through returns completed before the returns in which the information is reported – Forms 1040 and 1120; give folks enough time to breathe and digest the flow-through information. And so calendar-year partnerships are due March 15 and calendar year C corporations are due April 15. Partnership returns are due a month earlier than they had been, but six-month extensions are now available. Other fixes were made, too, to Forms 990, 1041 and 5500. Also, the due date for FinCEN Form 114 (FBAR) moves from June 30 to April 15, but for the first time, taxpayers will be allowed a six-month extension.

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Making the Next Tax Season a Better One

Tax lessonsReflections on Tax Season

As we head into the second part of the 2015 filing season (with the 2016 season not far behind), some thoughts come to mind. Many practitioners felt as though recent tax law changes and related guidance was vague, late and not well supported. As a result, the 2015 filing season was more demanding than previous seasons, with uncertainty surrounding the final “repair regulations,” complex financial products and late receipt of client 1099s and brokerage statements.

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