Explore the impact of the South Dakota v. Wayfair, Inc. (“Wayfair”) decision on client’s businesses.
Wayfair Client Notification Letter
as a starting point. If you think the decision may affect your clients, schedule a meeting to discuss the impact and follow-up in writing to document the discussion. Don’t forget to discuss the income tax aspects, as many states are using the same nexus standards for other taxes.1
Inform clients of significant changes in tax law,
such as guidance released since last
tax season related to the Tax Cuts and Jobs Act (“Tax Reform”) through client newsletters. Retain a distribution list of such communications, including the dates transmitted documenting that the client was informed of these changes.2
Alert clients about other filing obligations,
3
Educate clients about the potential tax savings for investments in Qualified Opportunity Zone Funds (“QOZF”).
4
Ask clients to schedule appointments prior to year-end
here
.5
Contact clients who have historically procrastinated
How to Deal with Last-Minute Clients
and The Early CPA Gets the Return
(Done on Time)
. In addition, provide these clients with a deadline by which all information must be received. If information is not received by the designated date, inform the client that you will be unable to complete their return by the filing date and an extension may be necessary. 6
Address clients who have not taken steps related to changes in the partnership audit rules
Letter to Advise Clients on Partnership Audit Changes
as a starting point. Items that clients, with the assistance of their attorneys, should address in a revised partnership agreement include but are not limited to:- Identification of the partnership representative,
- For eligible partnerships, whether or not to elect out of the revised partnership audit regime,
- Whether the Internal Revenue Service (“IRS”) may collect any additional tax, interest, and penalties directly from the partnership at the highest individual tax rate or to take any adjustments into account from the partners in the reviewed year,
- Who should make decisions related to new elections that will be available,
- Which new tax terms and concepts may require adjustments to partnership operating agreements.
7
what to do now … before the big rush
7

Guide | Tax Season Checklists
Table of Contents
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7 ways to help clients prepare

5 steps to review e-file requirements and processes

4 ways to update engagement letter processes

3 must-do’s to review client acceptance and continuance procedures

7 steps to prepare the firm for tax season

4 ways to help staff prepare for tax season
What to do now … before the big rush

5 data security concerns to address

3 items to memorialize in a control log to help avoid missed deadlines
4 things to remember when testing tax software

11 items to cover in a staff kick-off meeting


9 things that should be done for each client

2 ways to plan for deadlines and help avoid careless errors

2 keys to survival
What to do during tax busy season