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Tax E-Alerts

News you can use on tax regulations, court decisions, legislation, and practice management.

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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.

Click here for more information

 

IRS Regulation and Administration

This section contains policies and AICPA comments related to tax administration and policy.

 

AICPA Statement to the IRS Oversight Board

On February 19, 2008, the AICPA commented on: (1) how the IRS can attract, develop, and retain key employees; (2) IRS "customer outreach" and tax educational opportunities for taxpayers and tax professionals; and (3) the federal legislation to regulate tax return preparers. Learn More>>

 

AICPA Calls for K-1 Due Date of September 15

On January 24, 2008, AICPA urged the IRS to change extended due date for partnership returns from October 15 to September 15, reducing the maximum automatic extension to five months instead of the current six months. Learn More>>

 

IRS Releases Final Tax Return Disclosure Regs

The IRS released final regulations regarding the disclosure or use of tax return information by tax return preparers; and a related revenue procedure. Learn More>>

 

IRS PowerPoint on Modernized e-File Form 1040 Status Report

January 2008. The IRS Modernized e-File 1040 Status Report PowerPoint provides an overview of the Service’s timetable and agenda for e-filing Forms 1040 from the current “legacy” system to the modernized e-file platform - the e-file platform currently used by large corporations and partnerships. Learn More>>

 

Tax Compliance Revenue Proposals in the FY2008 Budget

The AICPA comments on five tax compliance revenue proposals detailed in the Administration’s fiscal year 2008 budget submission to Congress. Learn More>>

 

AICPA Offers Congress Comments on the Tax Gap

On January 5, 2007, the AICPA wrote to the Senate Finance Committee in support of the committee’s efforts to “identify constructive ways to close the tax gap,” and submitted comments on the Joint Committee on Taxation’s staff options for closing the tax gap. Learn More>>

 

AICPA Testimony on Closing the Tax Gap

2007 testimony of the AICPA to various government bodies on efforts to close the tax gap. Learn More>>

 

AICPA Comments on Proposed Reportable Transaction Regulations

In March 2, 2007, comments the AICPA expresses concern about the howe best to acheive the appropriate between transparency and taxpayer burden in the reportable transaction regs. Learn More>>

 

AICPA Asks IRS to Not Include Tax Preparation Cost Estimates

The American Institute of Certified Public Accountants urged the IRS not to include any tax return preparation cost estimates in the 2006 Form 1040 instructions in its comment letter to the IRS regarding the Service’s Federal Register notice on taxpayer burden estimates. Learn More>>

 

AICPA Testifies About 2006 Filing Season

April 6, 2006. The AICPA offers testimony on the 2006 filing season, as well as the IRS's budget for 2007 and tax administration issues. Learn More>>

 

Proposed Regulations Under Section 7216 of the Internal Revenue Code

April 1, 2006. AICPA Tax Section members can use this document to help answer client and media questions about disclosure of taxpayer information. Learn More>>

 

AICPA Comments on IRS Long-Term Goals

The AICPA submitted a comment letter to the IRS Oversight Board indicating support of the Service’s five proposed long-term enterprise measures involving: (1) e-file participation; (2) individual taxpayer satisfaction; (3) employee engagement; (4) voluntary compliance; and (5) non-revenue enforcement activity. Learn More>>

 

AICPA Urges IRS to Reconsider Proposed Disclosure Regs

March 8, 2006. The AICPA comments on proposed regulations under Internal Revenue Code section 7216, regarding the disclosure and use of tax return information by tax return preparers. Learn More>>

 

AICPA Testifies to IRS Oversight Board on Meeting Taxpayers' Customer Service Needs

February 8, 2006. The AICPA testifies that it supports strongly the IRS Oversight Board's interest in effective IRS customer service initiatives and measurement yardsticks for agency programs. Learn More>>

 

AICPA Offers Tax Reform Assistance to Treasury

December 1, 2005. In the wake of the release of the President's Advisory Panel on federal Tax Reform, the AICPA Tax Division offers assistance to the Treasury Department as it considers proposals for tax reform. Learn More>>

 

AICPA Testifies on Federal Regulation of Tax Preparers

July 20, 2005. In this testimony before a House Ways and Means Subcommittee, the AICPA testifies on the federal regulation of income tax return preparers, including a related proposal contained in S. 832, the Taxpayer Protection and Assistance Act of 2005. Learn More>>

 

AICPA Expresses Concerns About Tax Provisions in Highway Bills

June 9, 2005. In a letter to the Senate Finance and House Ways and Means Committees, the AICPA outlines its concerns about tax provisions in the Senate's version of H.R. 3, the Safe, Accountable, Flexible, Efficient Transportation Act of 2005. Learn More>>

 

AICPA Testifies to IRS Oversight Board on Administrative Simplification and Leveraging Contributions from Stakeholders

February 1, 2005. In this testimony before the IRS Oversight Board, the AICPA provides testimony on: (1) how the IRS can leverage its external stakeholders to achieve a more highly compliant taxpayer population; and (2) how the IRS can help taxpayers and its own enforcement efforts through administrative simplification. Learn More>>

 

AICPA Suggests Refining Tax Return Preparer Registration Proposal

July 13, 2004. In this letter to Congress, the AICPA provides comments on the legislative proposal requiring the registration of federal income tax return preparers. Learn More>>

AICPA Tax Chair Testifies to Ways & Means on Filing Season

March 30, 2004. In this testimony before House Ways and Means Subcommittee on Oversight, the AICPA comments on (1) the Administration's budget request for the Service and (2) the tax professional's perspective on the current filing season. Learn More>>

 

AICPA Pitches Circular 230 Advisory Committee Ideas

February 18, 2004. In this letter to the Department of the Treasury, the AICPA shares its position on a collaborative approach for reaching our common goals of: (1) eliminating abuse of our tax laws; and (2) imposing appropriate sanctions only on abusive transactions. Learn More>>

 

AICPA Comments on Proposed "Tax Shelter" Rules Under Circular 230

February 12, 2004. These comments and proposed regulations submitted to the IRS share thoughts on realistic "best practice" goals for Circular 230 practice before the IRS and difficulties in defining a "tax shelter." Learn More>>

 

AICPA Testifies to Oversight Board on IRS Five-Year Strategic Plan

January 26, 2004. In this testimony before the IRS Oversight Board, the AICPA provided comments on the IRS strategic plan for fiscal years 2000-2010. Learn More>>

 

AICPA Welcomes New IRS Commissioner with Summary on IRS Reorganization

May 7, 2003. The AICPA provides comments to Commissioner on the status of the IRS reorganization. Learn More>>

 

AICPA Sends Its AICPA Statement on Taxpayer Rights to Ways and Means

March 25, 2003. In this letter to the House Ways and Means Subcommittee, the AICPA provided comments on five tax administration legislative proposals: (1) an April 30 due date for electronically filed returns; (2) low income tax clinics; (3) penalties and interest; (4) the collection process; and (5) a better means of communicating with taxpayers. Learn More>>

 

AICPA Summarizes IRS Strengths and Weakness for the Oversight Board

January 27, 2003. In this testimony before the IRS Oversight Board, the AICPA provided comments on: (1) the future direction of electronic tax administration, (2) enforcement challenges, (3) effective collection strategies, and (4) workforce empowerment. Learn More>>