- Patents on tax strategies: Back in January, AICPA President Barry Melancon listed this as one of the hot issues the Institute was watching. He meant it. On March 6, the AICPA sent letters to various Congressional committees urging lawmakers to restrict people’s ability to patent their tax strategies. According to the AICPA, such patents are “contrary to sound public policy because they undermine the integrity, fairness and administrability of the tax system.” Read more about the profession’s position here.
- Frequent tax claims against CPAs: With tax season in full swing, it might be a good idea to review this list from Camico. Included are estate tax return penalty issues, entity selection issues, federal form 5471 and 5472 penalty issues and improperly documented client extensions.
- Work / life balance: During tax season, the question might be, “What balance?” But the Bay Street Group’s Rick Telberg says more and more CPAs are carving out chunks of personal time during busy season as a way of recharging their batteries. “Public practitioners, at small firms especially, seem more inclined to want to slow things, take more time off and shift their emphasis to their personal lives,” Telberg writes.
How’s tax season going for you? What issues are you encountering?