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As a tax practitioner, you may have contemplated adding personal financial planning services to your practice. There is a natural progression to go from being your client's most trusted tax advisor to also being their most trusted personal financial advisor. But you have questions: will it be profitable? How do I get started? What are other CPA firms doing? All of these questions are addressed in a new research study published by the AICPA's PFP Section that can show you how to expand your services into this lucrative niche area that is a great compliment to your tax practice.

The Personal Financial Planning Section of AICPA and Moss Adams LLP are pleased to announce the results of their first joint study of CPA financial planning and advisory practices- AICPA/Moss Adams CPA Financial Planning Practice Study.

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Tax Home > Resources > Corporations and Shareholders > Regulation and Administration > AICPA Recommends Modifying Corporate Estimated Tax Regs
April 11, 2006
AICPA Recommends Modifying Corporate Estimated Tax Regs

The AICPA has submitted comments to the IRS regarding the Service's proposed regulations that would update the current rules regarding corporate estimated tax.

 

The AICPA expressed concern "that the rules are too mechanical, and as a result, distort annualized taxable income and create traps for the unwary. Taxpayers who are not well-versed in these rules could easily run afoul of the regulations and miscalculate taxable income for the annualization period, which could result in unwarranted penalties." In addition, similarly situated taxpayers would be treated differently under these proposed regulations, the AICPA said. Accordingly, the AICPA recommended that the IRS and Treasury "modify the regulations to eliminate potential pitfalls, provide equitable results for similarly situated taxpayers, and relieve administrative burden."

 

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Copyright © 2006 by the American Institute of Certified Public Accountants, Inc., New York, New York.