Tax season is busy, so preparing for it now will reduce the stress experienced January through April. This preparation will help reduce exposure to professional liability risk. Pre-tax season training of personnel and proactive review of administrative procedures will improve efficiency through April 15th and beyond.
Summary
Resources
  • Risk Alert: IRS Scrutiny of Conservation Easements Increases a CPA Firm’s Professional Liability Risk, September 2020
  • Risk Alert: Risk Management Related to Paycheck Protection Program Loan Forgiveness Assistance, May 2020
  • Addressing Risks Related to the TCJA and Wayfair, Matt Mitzen and Deborah K. Rood, Journal of Accountancy, February 2019
  • Mitigating Risk Related to Tax Reform, Deborah K. Rood, Journal of Accountancy, September 2018
  • Risk Alert: Wayfair is No Fair for a CPA Firm’s Professional Liability Risk, August 2018
  • Take a Hike: Ending Client Relationships, Daniel J. Gartland, Journal of Accountancy, February 2017
  • Documentation is Your Ally in Tax and Other Services, Deborah K. Rood, Journal of Accountancy, July 2015
  • Is This Client the Right Fit for Your Firm?, Deborah K. Rood, Journal of Accountancy, July 2013
  • Preparing and Using Engagement Letters and sample engagement letters are available to CNA policy holders
  • The AICPA’s Annual Tax Compliance Kit, including sample engagement letters, organizers, checklists and tax practice guides, are available at no charge to AICPA Tax Section members.
November 2020
By Accountants Professional Liability Risk Control, CNA, 151 North Franklin Street, 17th Floor, Chicago, IL 60606.
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