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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

 
Tax Home > Resources > Tax Practice Guides & Checklists > 2008 Tax Practice Guides and Checklists > New Section 7216 Regulations Become Effective
New Section 7216 Regulations Become Effective

On January 1, 2009, new IRS regulations under Internal Revenue Code section 7216 became effective. Absent a specific, exception, Treas. Reg. section 301.7216 generally prohibits the disclosure or use of tax return information without the client’s explicit, written consent. Under section 7216, a tax return preparer is subject to a criminal penalty for “knowingly or recklessly” disclosing or using tax return information. Each violation of section 7216 could result in a fine of up to $1,000 or one year imprisonment, or both. 

AICPA members who are engaged in tax return preparation and tax planning services need to become familiar with Treas. Reg. section 301.7216 and Revenue Procedure 2008-35, the authoritative guidance with respect to a preparer’s disclosure or use of tax return information. In a practice guide for members, the Institute is providing several examples of consent forms which have been developed by CPA members for their discussions or consultations with individual clients. Further, the AICPA is providing an article on the section 7216 regulations entitled, "New Tax Preparer Rules for Disclosure and Use of Tax Return Information."

Download Practice Guide

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Download Footnote #49 Chart

Download AICPA Provides IRS Proposed FAQs, Seeks Additional Section 7216 Guidance

Copyright © 2009 by the American Institute of Certified Public Accountants, Inc. New York, New York