|
If you missed the action-packed AICPA Town
Hall on Jan. 30, you can access the full
episode on-demand
with the link below. You can also listen on
the go with the AICPA Town Hall
Podcast.
Segments to Watch:
DC Update: Between a new
discussion draft to improve the IRS and a
wave of executive orders, there's a lot
going on in the Capitol with potential
implications for the profession. Erik
Asgeirsson, president and CEO, CPA.com, and
Mark Peterson, EVP, Advocacy, AICPA, and
Melanie Lauridsen, VP, Tax Policy and
Advocacy, AICPA, highlighted:
- Federal hiring and regulatory freezes
impacting the IRS and other agencies
- Executive orders affecting international
tax agreements and trade policies
- Upcoming bills and their potential
impacts on CPA firms
Technical update: Melanie
provided essential IRS and regulatory news,
including:
- IRS filing season updates, new IRS
chatbot features and digital asset
reporting guidance
- The latest on beneficial ownership
information (BOI) reporting amid ongoing
court rulings
- Key concerns around the proposed
Circular 230 regulations pertaining to
certain tax professionals who practice
before the IRS.
Risk management strategies:
Lisa Simpson, VP, Firm Services,
AICPA, and risk management experts from the
AICPA's Professional Liability Insurance
Program shared best practices to mitigate
financial and liability risks related to
billing and collections, including:
- Setting clear billing and collection
policies in engagement letters
- Addressing unpaid fees proactively to
avoid client disputes
- Alternative billing structures to
improve cash flow and reduce nonpayment
risks
AI strategies for tax practices:
Michael Cerami, EVP, CPA.com,
April Walker, lead manager, Tax Practice
& Ethics – Tax Section, AICPA, and
Ashley Francis, owner, The Francis Group,
PLLC, explored strategies for tax
practitioners looking to leverage AI-powered
tools, such as
- Automating tax research and summarizing
complex legislation
- Enhancing advisory services with
AI-generated insights
- Understanding AI's limitations and
ensuring human oversight in tax
decision-making
Join the next AICPA Town
Hall: Tune in for the next Town
Hall, Thursday, Feb. 13 at
3pm ET, when Mark
Koziel, president and CEO, AICPA, will be
back for a profession update. Plus, you'll
get the timely technical and DC updates you
count on.
Late-breaking news and
resources
- For the links and resources covered in
the show, download the slide
deck.
- AI for tax
practitioners
- IRS reminders and tax
- Beneficial Ownership Information
(BOI) updates
|
