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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Millennials are changing our tax practices. Here’s how

MAIN IMAGE Millennial BlogMillennials are everywhere.

As the largest generation of Americans ever, they seem to be changing every aspect of our society. They’re influencing marketing trends, technological advancements, politics, travel, food — there’s little that isn’t affected by this generation’s unique way of doing things.

They are affecting your tax firm too — even if you don’t realize it yet.

Millennial tax clients are few and far between for most of us. Generally, their taxes aren’t yet complex enough to warrant our services. But as this age group acquires wealth, we’ll begin to see more and more of them walking through our doors.

Continue reading "Millennials are changing our tax practices. Here’s how" »

What to do when your client gets terrible health news

Ill client blog postNo one knows when a health crisis will strike. We can take steps to mitigate our risks — eat healthy food, exercise more often, quit smoking — but that doesn’t mean we can plan whether we’ll get sick.

But we can plan financially.

Jim Sullivan, CPA/PFS, specializes in working with clients suffering from chronic illnesses. He has seen firsthand the devastating effects of a sudden, serious health crisis and is an expert at care plan funding and recovery. His work, as he described it, allows his clients to focus on addressing the illness without the worry of how to pay for its costs.

Sullivan said that while he prefers to do proactive planning with clients before they get sick, he often starts working with a client just days after they’ve received terrible health news. Regardless of when he first engages with an ill client, his approach is the same: He creates a financial plan from scratch.

Continue reading "What to do when your client gets terrible health news" »

16 free learning opportunities to take advantage of this summer

Shutterstock_633002651It’s summertime. The days are getting longer, the temperature is warming up and your most hectic time of year — workwise — is behind you. Congratulations! Now you can relax, at least a little. Summer is also the perfect time to hone your skills in preparation for fall busy season. We’ve assembled a handful of our favorite free resources to help you brush up on your skills and add a few new ones to your toolbox.

Find your niche

Search for that new service offering you’re passionate about. Once you find it, study up and absorb all there is to know about it. Home in and focus so you can really master it and add it to your suite of services. Here are some ideas to get started:

Continue reading "16 free learning opportunities to take advantage of this summer " »

Shake off this tax season’s pain points with these perfect pairings

May 8 blogChocolate makes a bitter coffee taste sweeter. A dry wine brings out the flavors of a well-cooked steak. Good pairings make everything better.

The same can be said for the work you do. Pairing solutions with the challenges you face can improve the final result. And this certainly applies to the most recent tax season.

We asked tax practitioners about what they experienced this spring, and in this informal AICPA Tax Section survey, we found out pretty much what we were expecting: It was a demanding one. (You can read more about the survey in this AICPA Tax Section newsletter article.)

Continue reading "Shake off this tax season’s pain points with these perfect pairings" »

Keeping pace in a tax environment that never slows

May 1 blog postTax practitioners are on the frontline of change, and because of that, we’re constantly evolving our businesses. It’s a big ask, and we’re doing a great job keeping up. However, the changes continue to come, and not everything is matching our pace.

The AICPA’s Statements on Standards for Tax Services (SSTSs) were last updated almost ten years ago, and in that time, our profession has transformed dramatically. As a result, the current SSTSs don’t reflect today’s practice environment. What do we do when the standards we rely on to do our jobs no longer suit our needs?

We change the standards. Together.

Continue reading "Keeping pace in a tax environment that never slows" »

Subscribe

Subscribe in a reader

Enter your Email:
Preview

CPA Letter Daily