Liquidation of assets not mandated for taxpayers’ installment agreement

Liquidation of assets not mandated for taxpayers’ installment agreement The Tax Court remanded a case to the IRS Appeals Office after deciding an IRS settlement officer abused her discretion by withholding approval of an installment agreement pending liquidation of nearly all the taxpayers’ assets, including their home. Facts: The taxpayers, Martin D. Kirkley and his […]

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Tax Court denies deduction for conservation easement

Tax Court denies deduction for conservation easement Two opinions issued recently by the Tax Court addressed different arguments made by a taxpayer challenging the IRS’s disallowance of a charitable conservation easement deduction. In a memorandum opinion, the Tax Court upheld the IRS’s disallowance of a partnership’s deduction for the conservation easement because the conservation purpose […]

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What to consider before deferring ASB reporting standards

What to consider before deferring ASB reporting standards The coronavirus pandemic created a challenging environment for CPA practitioners related to the new auditor reporting standards that were developed by the AICPA Auditing Standards Board (ASB). CPAs and their clients will experience substantial benefits from implementing the new standards because they were developed to enhance the […]

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Responding to client requests for confidentiality

Responding to client requests for confidentiality Increasingly, clients of CPA firms impose confidentiality agreements as a precondition to engaging the firm to perform professional services. These may appear in the form of a separate nondisclosure agreement (NDA) or as a required provision to be included in the engagement letter. Requests for signed confidentiality agreements also […]

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Talking through adversity

Talking through adversity During a crisis, a CPA’s clients need guidance to move from uncertainty to hope and anticipation. This four-step approach can help you initiate and navigate the sometimes difficult conversations your clients need. State your commitment. Open the conversation by sincerely communicating your concern for your client’s physical, mental, and financial well-being. Empathy […]

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Together, we can make a difference: A 12-step plan to address racism and unconscious bias

Together, we can make a difference: A 12-step plan to address racism and unconscious bias The outpouring of support for racial justice, diversity, and inclusion this year has highlighted the need for resources and focus to address the consequences of systemic racism and unconscious bias. Now that we are talking about gaps in opportunity, access, […]

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