what to do during tax busy season
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items to cover in a pre-tax season staff meeting
Welcome to tax season! A kick-off meeting is a great way to remind staff of the firm’s policies and procedures to help ensure consistent execution.
The economy and the impact on the firm.
Address firm policies, such as those related to clients who are not paying. Remind professionals of the firm’s policy on Third Party Verification Letters. What else should be addressed? Read The Indirect Impact of COVID-19 on CPA Firms for additional items.
1
Revised procedures
following last year's post-tax season wrap-up meeting
2
Changes to organizers
,
especially those related to PPP loan forgiveness, Tax Reform,
Wayfair
, FBAR and FATCA filing obligations, virtual currency transactions, and the sharing economy.
3
4
Applicable professional standards
including:
    • the AICPA
      Statements on Standards for Tax Services
      ,
    • the AICPA
      Code of Professional Conduct
      , and
    • U.S. Treasury Department
      Circular No. 230 (Rev. 6-2014)
      .
The firm’s tax practice quality control manual.
5
Tax preparation processes and procedures.
6
Firm privacy and security policies
,
including how to respond if a “phishing” email is received.
7
Engagement letter usage
,
including scope changes, tax planning, tax consulting and tax audit representation services.
8
E-filing procedures.
9
10
Penalties applicable to taxpayers and preparers.
Frequent errors found by reviewers
on prior year individual and business income tax returns. Remind preparers to exercise due diligence in compiling and assembling tax information, and to communicate clearly with clients about any concerns.
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The importance of documenting discussions with clients.
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