Tax Section Odyssey

In this Tax Section Odyssey podcast episode, April Walker, CPA, CGMA, is joined by Adam Shay, CPA, a former firm owner turned business coach for accounting firm owners, to kick off a three-part series on reimagining firm ownership. The conversation explores the lifecycle of a modern accounting firm, focusing on building a sellable practice, developing future leaders and overcoming common challenges such as owner dependency and process bottlenecks. Hear insights on leveraging people, processes, pricing and technology to create a sustainable, scalable firm. What you'll learn from this episode: Practical strategies for delegation, leadership development and embracing innovation. Actionable advice for navigating growth, preparing for transition and fostering a culture of continuous improvement in today's rapidly evolving tax profession. How process documentation and technology adoption drive consistency in a firm. How to use a pricing model to reflect value provided to your clients. AICPA resources Engage365 Reimagining Your Tax Practice PCPS Transforming Your Business Model  

In this episode, host April Walker, CPA, CGMA, Senior Manager — AICPA & CIMA, sits down with Mark Gallegos, CPA, MST, Partner — Porte Brown, to unpack key year-end tax planning strategies. They dive into new opportunities for individuals and businesses under the H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA), including the increased state and local tax (SALT) cap, expanded deductions and the return of immediate expensing for domestic research and development (R&D) costs. Tune in for practical insights on proactive planning and multi-year modeling to help clients maximize benefits under the new law.   What you'll learn from this episode: The impact of H.R. 1 on income tax planning Learn more about new and expanded deductions Hear about year-end actions that might be beneficial for taxpayers Why entity choice conversations might be necessary given the current law AICPA resources Planning after tax changes Tax Section Tax Section news and member FAQs Year-End Tax and Financial Planning Toolkit   Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

In this joint Tax Section Odyssey and Journal of Accountancy (JofA) podcast episode, host Neil Amato discusses the impact of the recent and ongoing federal government shutdown on IRS operations and tax practitioners with Melanie Lauridsen, VP of Tax Policy & Advocacy at the AICPA. The conversation covers the history and mechanics of government shutdowns, what we know about IRS contingency plans and the practical effects on taxpayers and professionals. Listeners can also gain timely insights into recent developments such as the transition away from paper refund checks and implementation of guidance and updates to forms related to the new tax legislation. What you'll learn from this episode:  Government shutdown impacts on IRS operations Important information from the IRS on electronic refunds and payments Updates on guidance received from Treasury and the IRS on H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA) implementation Concerns about IRS service levels in a government shutdown  AICPA resources ·       Navigating the government shutdown ·       Client letter and FAQ for a government shutdown during tax season ·       Planning after tax changes IRS resources ·       FY2026 IRS Lapse in Appropriations Contingency Plan   Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

In this joint Tax Section Odyssey and Journal of Accountancy (JofA) podcast episode, host Neil Amato sits down with tax expert Annette Nellen, Esq., CPA/CGMA, to discuss the latest developments in tax legislation, specifically H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA). Annette shares her insights on the new tax provisions, effective dates and the importance of accurate information and research in the tax field. This episode also serves as a preview of the upcoming National Tax Conference in Washington, D.C., where Annette will be speaking on key tax updates for individuals and businesses.  What you'll learn from this episode: ·       What tax provisions from H.R. 1 are permanent vs. temporary ·       Where guidance and technical corrections are needed related to H.R. 1 ·       Learn more about recent IRS rules and significant court cases ·       The importance of accurate information and thorough research in the tax area AICPA resources Register here for the AICPA National Tax Conference – Nov. 17 – 18, Washington, DC Planning after tax changes Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

In this episode, host April Walker, CPA, CGMA, Senior Manager — AICPA & CIMA, delves into  the recently issued IRS Rev. Proc. 2025-28 with Mark Gallegos, CPA, MST, Partner — Porte Brown. Tune in to discover the implications of this IRS guidance and hear about the strategic decisions businesses can make to take advantage of presented opportunities.   What you'll learn from this episode:  Details of Rev. Proc. 2025-28 Changes made by H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA) to Sec. 174 research & experimental (R&E) expenditures Options for small businesses to be able to retroactively take advantage of the changes Decision criteria for evaluating how to advise affected businesses How to navigate R&E expenditures going forward for 2025 returns  AICPA resources Planning after tax changes Practical Insights from IRS Rev. Proc. 2025-28 Summary of IRS released R&E expense guidance under H.R. 1 and Rev. Proc. 2025-28 Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

In this episode, Benjamin Alarie, CEO and co-founder of Blue J, and Ashley Francis, CPA/PFS, owner of The Francis Group, PLLC, discuss the integration of artificial intelligence (AI) in tax research. They sift through the best practices for using AI tools, the importance of asking the right questions and the future of AI in the tax profession. The conversation also touches on the potential risks and cautions associated with using AI, emphasizing the need for professional judgment and client confidentiality.  What you'll learn from this episode:  How to integrate AI tools into your tax research workflow Ways to evaluate AI output to determine accuracy The top cautions and risks associated with using AI for tax research The future of AI in tax research AICPA and CPA.com resources Artificial Intelligence (AI) Tax Resource Center — Explore the AI Tax Resource Center for insights, tools and guidance on leveraging artificial intelligence to optimize tax practices and enhance compliance. The future of tax research: Frameworks, use cases, and best practices for AI research — A practical framework to evaluate, adopt and scale AI-powered research tools Bartlett, Pringle, and Wolf (BPW) Case Study: Learn how BPW turned to Blue J to confidently embrace generative AI — gaining instant, verifiable tax answers and high-quality drafts without compromising accuracy or authority Blue J AI Tax Research — Sign up today to access preferred pricing through the CPA.com partner program. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

On this episode, Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, joins again to discuss the latest updates on the employee retention credit (ERC) from H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA). Chris discusses how the legislation affects ERC claims and the implications for businesses with pending claims. He also delves into the extension of the statute of limitations for examination. What you'll learn from this episode:  What H.R. 1 changes about ERC claims processing  An update on ERC claims processing What the extension of the statute for examination from H.R. 1 means for ERC claims Reminder about the IRS FAQs about income tax returns and ERC claims AICPA resources Employee retention credit guidance and resources — A library for comprehensive guidance, essential tools and the latest news on the ERC. Planning after tax changes — The tax landscape has shifted. Now's the time for CPAs to turn insights into action with proactive financial planning. Access FAQs, guides, summaries and learning solutions in one central hub. IRS FAQs about the Employee Retention Credit — On March 20, the IRS provided updated FAQs on income tax and ERC.  Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

In this joint episode with the Personal Financial Planning (PFP) Section podcast, host Cary Sinnett, Senior Manager, Personal Financial Planning — AICPA & CIMA, further discusses the latest tax legislation with guests Mark Gallegos, CPA, MST, Partner — Porte Brown and Robert Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA. Hear insights on the recently passed tax legislation, implications for clients and important considerations for tax professionals now that the bill has been passed signed into law on July 4, 2025.    What you'll learn from this episode: Discussion of what the permanent TCJA tax brackets and QBI deduction mean for tax planning  Details on the new income exclusions for tips and overtime Topics important to discuss with clients, including Roth conversions, entity structure decisions, as well as estate and gifting strategies AICPA resources 2025 Reconciliation Charts: Key Tax Provisions and PFP Considerations — Tax and PFP downloadable charts provide clear, side-by-side comparisons of current tax law, the original H.R. 1 provisions and the Senate's reconciliation version — highlighting where they align or diverge — and outline the final legislation Planning after tax changes — CPAs need to not only brace for tax law changes but also be proactive in planning for them. Find more resources here to learn more about the latest updates.  2025 Tax Reform Advocacy — The AICPA tax advocacy library on current tax reform developments that Congress is considering in 2025. FAQs on Tax Reform via Budget Reconciliation — Tax reform FAQs that explain the budget reconciliation process, legislative timing, key issues and practical tips for CPAs.   Tax Section news and member FAQ — Get the latest tax news, a digest of key tax topics and commonly asked questions about resources and benefits.

In this joint episode with the Personal Financial Planning (PFP) podcast, host April Walker, CPA, CGMA, Senior Manager — AICPA & CIMA, discusses the latest tax legislation with guests Mark Gallegos, CPA, MST, Partner — Porte Brown and Robert Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA. Hear insights on current tax legislation, implications for clients and important considerations for tax professionals.   What you'll learn from this episode:  The next steps for this pending legislation Key points about state and local tax (SALT) cap, pass-through entity tax (PTET) and Sec. 199A, Qualified Business Income (QBI) provisions Legislative take on Sec. 174 R&E expenditures Other important conversations that may be necessary in the coming months   AICPA resources   2025 Reconciliation Charts: Key Tax Provisions and PFP Considerations — Tax and PFP downloadable charts provide clear, side-by-side comparisons of current tax law, the proposed changes in H.R. 1 and how the Senate Finance Committee's proposal aligns or diverges with H.R. 1.   Planning for tax changes and tax reform — CPAs need to not only brace for tax law changes such as the Tax Cuts and Jobs Act (TCJA) and expiring provisions but also be proactive in planning for them. Find more resources here to learn more about the latest updates.   AICPA submits recommendations to Senate Finance Committee on reconciliation bill — The AICPA submitted a letter to Senate Finance Committee leadership outlining its endorsements, concerns about the PTET SALT deduction and a request for clarification and two additional recommendations.   2025 Tax Reform Advocacy — The AICPA tax advocacy library on current tax reform developments that Congress is considering in 2025, including the expiring provisions of the TCJA.   FAQs on Tax Reform via Budget Reconciliation — Tax reform FAQs that explain the budget reconciliation process, legislative timing, key issues and practical tips for CPAs.     Tax Section news and member FAQ — Get the latest tax news, a digest of key tax topics and commonly asked questions about resources and benefits.  

This discussion with Katie Thomas, CPA, Founder and Owner of Leaders Online, covers three key phases related to making the most of attending professional conferences: pre-conference preparation, strategies for networking and attending sessions during the conference and post-conference activities to reinforce learning and capitalize on connections. The conversation includes practical tips for setting clear goals, engaging with vendors, navigating networking events and balancing various activities to ensure a productive and enjoyable conference experience.  What you'll learn from this episode:  How to plan your schedule in advance and the benefits of doing so Tips for navigating networking events and making meaningful connections Strategies for maintaining momentum after you leave the conference  AICPA resources ENGAGE 25 — Registration and information page for the upcoming conference AICPA Tax Practitioners LinkedIn group — This specialized group keeps members up to date on tax legislation and regulatory developments and fosters peer discussions on technical tax issues and practice management. Tax Division Committees and Technical Resource Panels — Volunteering is an excellent way to build a network of professionals to help you with tax matters. Visit Volunteer Central or contact the AICPA Tax Section at taxsection@aicpa-cima.com to find out how you can get involved

Note: This episode was recorded on Wednesday, May 21, 2025, prior to the House of Representatives vote early Thursday morning May 22, 2025 — 215 in favor, 214 opposed, 1 voting present. See this Journal of Accountancy (JofA) article for updates on the bill that occurred overnight prior to the vote. In this joint episode with the JofA podcast, host Neil Amato discusses with Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA, the AICPA's perspective on several aspects of the budget bill that was voted and approve by the House of Representatives in the early morning hours of May 22, 2025.   What you'll learn from this episode: ·       An explanation of the pass-through entity tax (PTET) state and local tax (SALT) deduction ·       Some of the AICPA "wins" in the legislation ·       The top concern from a survey of members just after tax filing season ·       The definition of "fractures" AICPA resources 2025 Tax Reform Advocacy  — AICPA tax advocacy efforts on current developments on the tax changes that Congress is considering in 2025, including the expiring provisions of the Tax Cuts and Jobs Act of 2017 (TCJA). Planning for tax changes and tax reform — CPAs need to not only brace for tax law changes such as the Tax Cuts and Jobs Act (TCJA) and expiring provisions but also be proactive in planning for them. FAQs on Tax Reform via Budget Reconciliation — Tax reform FAQs that explain the budget reconciliation process, legislative timing, key issues and practical tips for CPAs.   Tax Section news and member FAQ — Get the latest tax news, a digest of key tax topics and commonly asked questions about resources and benefits.

This discussion with Nik Fahrer, Director and Digital Assets practice leader at Forvis Mazars, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, centers around the complexities of digital asset tax reporting. The conversation highlights the importance of accurate tracking and reporting of digital asset transactions, the nuances of the new regulations and the need for tax practitioners to stay informed and seek expert assistance. What you'll learn from this episode:   Current tax reporting regime for Form-DA, Digital Asset Proceeds From Broker Transactions. The distinctions between custodial and non-custodial brokers Anticipated compliance challenges due to the complexity of digital asset transactions. The importance of accurate tracking of digital asset transactions and cost basis, including why using software is a good idea. AICPA resources Digital assets and virtual currency tax guidance and resources — Sharpen your tax knowledge on digital asset and understand the tax complexities and strategies involved with virtual currency and cryptocurrency. Demystifying IRS guidance on digital assets | Tax Section Odyssey — This podcast episode from October 2024 discusses the details of IRS Rev. Proc. 2024-28. Other resources Final Regulations 2024-07-09 — Guidance on gross proceeds and basis reporting by brokers and determination of amount realized and basis for digital asset transactions. Rev. Proc. 2024-28 — Guidance to allocate basis in digital assets to wallets or accounts as of Jan. 1, 2025.

On this episode, Steve Wrappe, a National Technical Leader of transfer pricing at Grant Thorton and Reema Patel, a Senior Manager on the AICPA's Tax Policy & Advocacy team, discuss the intersection of tariffs and tax. The conversation covers the basics of tariffs, their implications for US-based businesses and how tariffs interact with transfer pricing and inventory valuation. The guests also share practical advice for mitigating costs associated with tariffs and discuss the importance of careful planning and strategic decision-making in the current landscape. What you'll learn from this episode:  Basics of tariffs, including how they apply and are collected The interaction between tariffs and transfer pricing The impact of tariffs on inventory valuation methods Practical advice for mitigating costs related to tariffs  AICPA resources International Taxation Resource Hub — Stay current on international taxation with the latest advocacy efforts, guidance and tools available in this AICPA & CIMA reference library. Five actions finance teams can take on tariffs, AICPA & CIMA, April 11, 2025 Breaking down the reasons for a decline in economic sentiment, Journal of Accountancy podcast, March 11, 2025   Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

On this episode uncover the latest updates related to disaster tax relief with the "Master of Disaster" Jerry Schreiber, CPA, and Brandon Nishnick, Manager, Tax Practice & Ethics —  AICPA & CIMA. Hear valuable insights and practical advice for tax practitioners who are dealing with disaster-related tax issues.  What you'll learn from this episode:  •    The latest legislation related to tax disaster relief •    What's considered a "qualified disaster" for tax purposes  •    Practical considerations around filing extensions for tax returns postponed due to disasters •    State disaster tax relief resources available •    How to obtain disaster relief when records are located in a disaster area AICPA resources Disaster Relief Resource Center — Preparing for disasters beforehand, deciphering tax relief opportunities and accessing resources during the recovery process help to protect personal and business assets. In the event of a disaster, AICPA & CIMA are here to help and provide resources to help you get on the road to personal and financial recovery. State Disaster Tax Relief Guide — There is inconsistency in the tax relief states offer following federally declared disasters. This resource serves as a guide to reduce confusion. IRS resources IR-2025-41 — IRS reminder: Disaster victims in twelve states have automatic extensions to file and pay their 2024 taxes. Publication 547, Casualties, Disasters, and Thefts — This IRS publication explains the tax treatment of casualties, thefts and losses on deposits. Other resources Federal Emergency Management Agency (FEMA) — Bookmark the FEMA website for FEMA responses to all declared domestic disasters and emergencies, whether natural or man-made.  Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

On this episode (an updated version of the previous episode ERC updates & deadlines) Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, discusses the latest updates on the employee retention credit (ERC) as the five-year anniversary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, approaches. He emphasizes the upcoming deadline for submitting 2021 ERC claims by April 15, 2025. Also covered is the latest guidance from the IRS on how to handle income tax returns for ERC claims, the challenges faced by clients related to slow IRS ERC claim processing and tips for addressing claim denial letters. What you'll learn from this episode:  Reminder of the upcoming April 15 deadline to submit ERC claims What the updated IRS FAQs say about reflecting salary deductions for claims and denials What to tell your clients about processing times for current ERC claims Different types of IRS correspondence that are being received related to ERC claims  AICPA resources Employee retention credit guidance and resources — A library for comprehensive guidance, essential tools and the latest news on the ERC. IRS FAQs about the Employee Retention Credit — On March 20, the IRS provided updated FAQs on income tax and ERC. Traction with the Tiger — Hosted by Chris Wittich, Traction with the Tiger is a podcast series for staying ahead in accounting, business and beyond. Chris covers hot topics, shares key business tips and welcomes engaging guests to provide expert insights, inspiration and actionable advice. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

On this episode Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, discusses the latest updates on the Employee Retention Credit (ERC) as the five-year anniversary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, approaches. He emphasizes the upcoming deadline of submitting 2021 ERC claims by April 15, 2025 and addresses the complexities surrounding the statute of limitations for ERC claims and income tax returns. The episode also highlights the challenges faced by clients in managing tax liabilities, the slow IRS ERC claims processing and tips for addressing claim denial letters. What you'll learn from this episode:  Reminder of the upcoming April 15 deadline to submit ERC claims Complexities surrounding the statute of limitations for income tax returns where an ERC claim was filed What to tell your clients about the processing times for current ERC claims Different types of IRS correspondence that are being received related to ERC claims AICPA resources Employee retention credit guidance and resources — A library for comprehensive guidance, essential tools and the latest news on the ERC. Traction with the Tiger — Hosted by Chris Wittich, Traction with the Tiger is a podcast series for staying ahead in accounting, business and beyond. Chris covers hot topics, shares key business tips and welcomes engaging guests to provide expert insights, inspiration and actionable advice. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

On this episode, Mark Gallegos, CPA, MST, Partner — Porte Brown, discusses strategies for thriving during tax season. Mark highlights his current challenges but reiterates the importance of staying educated and focused in order to foster a spirit of collaboration and support to get through busy season. What you'll learn from this episode:  Practical tips on supporting staff during busy season How to stay focused and avoid getting distracted with all the noise The importance of providing support and guidance to your colleagues Tips on managing workflow and deadlines AICPA resources Reimaging your tax practice — Tackle today's top practice management issues with insights and tips from pioneers in the tax community. Join the upcoming session on March 19 at 3pm ET to hear about Tax Season Triage: Your questions answered. Beneficial ownership information (BOI) reporting — Access resources to learn about the BOI reporting requirement under FinCEN's Corporate Transparency Act (CTA). Transforming Your Business Model: Talent — Tap into the Private Company Practice Section (PCPS) toolkit for resources around attracting, retaining and developing talent to ensure the growth of the profession and position your firm for success.  Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

In this episode, Jamie Lopiccolo, CPA, CGMA, Founder and Managing Member of Capocore Professional Advisors, and Will Hill, Owner of Will Hill Consults, discuss marketing and pricing tax advisory services. They explore the importance of identifying client needs through effective listening and highlight the significance of understanding clients' pain points and gaps to move beyond traditional tax. What you'll learn from this episode: How to use effective listening techniques to identify client needs and help uncover pain points and gaps The importance of moving beyond traditional tax services to offer comprehensive advisory solutions. How to potentially classify tax advisory opportunities into different pricing buckets and the importance of adjusting pricing based on scope changes. The importance of involving team members in advisory services early on, even if they feel unprepared, as this helps them learn and grow in their roles. AICPA resources Broadridge Advisor Spotlight for Tax Section Members — Tax Section members can access sample resources from Broadridge Advisor which provides client education and communication tools on personal financial planning. 2025 Tax and Financial Planner — This digital, month-by-month planner is designed for Tax and PFP Section members and serves as a field guide to summarize key due dates, action items, client engagement ideas and financial planning tips. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

On this episode, Nicole Graham, Risk Consultant — Aon, and Stan Sterna, Vice President — Aon, the national administrator and broker for the AICPA Member Insurance Programs, discuss identifying high-risk clients and managing conflicts of interest. They share their experiences and insights on professional liability risks, client acceptance and continuance protocols and the importance of maintaining objectivity and ethical standards in the accounting profession. What you'll learn from this episode: Why it's critical to have and follow client acceptance and continuance protocols. How to properly manage a conflict-of-interest situation within a firm. Best practices on termination of client relationships. The importance of having an engagement letter in place particularly when dealing with high-risk clients. AICPA resources Client Termination Practitioner Checklist and Notification Letter Terminate a client relationship by following these helpful practice management reminders and then formally communicate the termination to your client. Say "I do" to engagement letters This podcast centers around the importance of engagement letters for tax practitioners.    Client Continuance Evaluation Tool Tool designed to help CPA firms determine whether or not they should continue working with a client or terminate the relationship.   Transcript April Walker: Hello, everyone, and welcome to the AICPA's Tax Section Odyssey podcast, where we offer thought leadership on all things tax-facing the profession. I'm April Walker, a lead manager for the Tax Section, and I'm here today with Nicole Graham and Stan Sterna. They are both with Aon, and I'm going to let them tell you a little bit about what they do. We're here together recording, which is always exciting to be able to do that in person at Digital CPA in Denver, and they are doing a session called identifying conflicts of interest and high-risk clients. I thought, that sounds really interesting and something our listeners might want to learn more about. Stan, we'll start with you. Tell us a little bit about your background and where you're coming at this session. Stan Sterna: Sure, thank you, April. I have a legal background. I started off practicing law, about 34 years ago, I'm dating myself. My entire career has been defending professional service firms and then an opportunity to take a position with Aon, who is the national administrator and broker for the AICPA Insurance Program, of which CNA is the underwriting partner, the carrier and had worked with Aon for a long time and they wanted me to come over and serve as a risk control consultant for not only the program but also for some of the larger firms as well. I came over about 2016 and I currently advise firms on professional liability risks, cyber risk. I'm also involved in doing presentations like I am here today at Digital CPA and other industry events, writing articles for the Journal of Accountancy, as well as other publications. I like to look at ourselves as risk advisors as not somebody that puts a stop sign up and says, don't do anything or don't do something. It's giving folks in the accounting profession the tools in order to manage the risk while providing services and expanding and growing their practice. April Walker: Nicole, what's your perspective on this topic today? Nicole Graham: Well, I am here to scare everyone just a little bit. April Walker: That's okay. Nicole Graham: But I'm Nicole Graham. I am like Stan, a recovering attorney. I was in litigation practice for almost 18 years. For the majority of that time, I represented professional service firms in professional liability litigation and also disciplinary actions. I did that for a long time and decided to take off the boxing gloves, stop fighting every day, and instead take all those lessons learned and now try to work with firms proactively to avoid some of those pitfalls. April Walker: Let's talk about identifying high risk. High risk could mean different things to different people. Stan Sterna: I think the first thing you need to do, April, is you have to have client acceptance and continuance protocols in place. That's vital to identifying, is this client a right fit? You have to have that process, but as part of that process, you have to identify initially what is the risk appetite of the firm. What is your ideal client? It could be by industry, it can be by size. It could be by geographical location. It could be by the amount of revenue they make if it's a company or income. Identifying what is your ideal client, I think, is the first step. Then you have to not only, and I think this is important, evaluate a client when they're coming through the door to see if it fits the risk appetite at a firm, but also you have to continually and regularly monitor the client and whether or not the client is still a member or still fits within your risk appetite. That's what we call client continuance. Sometimes client acceptance, everybody does client acceptance and might not be in one shape or the other, might not be the best client acceptance. April Walker: It's not formal maybe. Stan Sterna: Everybody's evaluating even folks that don't have written criteria or developed any concrete parameters. In some subconscious level, you're thinking, is this somebody that I want to work with or have as a client? But on the other hand, continuance seems to get short changed, especially in the tax area. One of the things that we've seen when we've dealt with a tax claim is situations where you have a client who maybe doesn't pay on time, or the client is constantly providing information at the last minute, and you're scrambling and you have to get extensions. But yet, when the client came in the door, it seemed like a perfect fit for the firm. You're not re evaluating the situation, whether it's the demeanor of the client, the way they cooperate or maybe just circumstances change with the client that at least should be the impetus for looking at the client and rethinking is this client a good fit for our particular firm? Unfortunately, we've seen a lot of claims in the past, both Nicole and I, where continuance was the issue and not monitoring, is this a potentially high risk client? I think, in the tax area, one of the biggest risk flags or red flags is not paying fees and/or not giving information on time. Unfortunately, when people don't pay fees and they're constantly either slow paying or they want to pay a fraction of it, if you pursue those fees, a lot of clients will turn around and point the finger at the accountant and say, well, there was something that you did that I didn't like, and that's the reason why I'm withholding fees. A lot of them it's a ruse to be frank with you, a client ruse in order to avoid either paying the fees or have some leverage in negotiating the fees. April Walker: Sure. Stan Sterna: Folks people are dedicated to the profession and I'm sure there's a lot of folks out there that absolutely love what they do and they love their clients, but for the most part, people aren't doing tax work for free. This is not a hobby. April Walker: This is not nonprofit. Stan Sterna: You should get paid. We've seen plenty of circumstances in the past where you know it's a problem client. Every time you say, well, I'm in the midst of preparing your returns for this year, I need to get paid from last year, and they'll put it off because they don't necessarily want to get in a situation where they're going back and forth with the client. Some folks will look back and go, well, the founder of our firm brought that client and it's a legacy client, and yeah, they don't pay, or yes, they're always questioning what I'm doing. They always want to, and these are other red flags, take shortcuts when preparing their taxes or giving you incomplete information. Then you continue to say, look the other way and muddle through it and file a return with the best information available. Keep your fingers crossed. April Walker: That's not a good risk plan. Stan Sterna: That's not a good risk risk plan. In that situation, you should really look at that individual. It could be a friend. It could be a legacy client and decide, do we really continue together on this path in a tax preparer client relationship? Is it in my best interest to do that? April Walker: These are good things. I'd like to pivot a little bit now and we'll talk about with Nicole, and certainly a high risk client could be, or another way of looking at it would be a conflict of interest. Talk to me Nicole a little bit about what kind of conflict of interests do you see that are problematic and how practitioners can recognize that, and also, take the next step as far as what do they do if they identify something as conflict of interest? Nicole Graham: A conflict of interest is really just being able to identify and manage situations where there are competing interests or relationships. CPAs are required to maintain and protect their objectivity when they're providing client services. That is paramount to their duties to their client under the code of conduct, and something that we have to protect. Nicole Graham: The way that the conflict of interest comes up is you have clients that could be adverse to one another. April Walker: A divorce situation? Nicole Graham: Correct. Or you have business partners who are going through a business dispute and you represent both of the business partners. We see that a lot. When you look at these relationships and competing interests, you have to ask yourself questions. Am I able to remain objective while providing service to both affected clients, you also need to make sure that you are not putting your personal interest before client interest because there are your own self-interest or the interest of interests that your firm has or that close family members or close friends have that could affect your objectivity

In this episode, Brian Davis, owner of One Stop CPA, discusses how technology has transformed the way his CPA firm operates and interacts with clients. Brian highlights the importance of using technology to provide a top-notch, virtual client experience. He shares insights on tools that have enhanced client engagement and streamlined his firms' operations. What you'll learn from this episode: Examples of ways to use technology to enhance a client's experience How remote work and serving clients virtually has worked for his firm The benefits of offering subscription model billing The importance of investing in client education as you introduce new tools and processes AICPA resources Tech stack wars in 2024 | Reimagining Your Tax Practice — With the amount of technology products out in the market, how do they perform in reality? Hear from Jason Staats on the latest products available for practice management and more on this archived Reimagining Your Tax Practice session. Transitioning to a tax-focused CPA financial planner | Reimagining Your Tax Practice — Tax return compliance is continuing to become more of a commodity. Your clients see you as their trusted adviser and ask about a range of topics that affect their financial well-being. In this Reimagining Your Tax Practice archived session, learn more about practitioners who offer financial planning services and how that has impacted their practices. Transforming Your Business Model…Technology — The Private Companies Practice Section (PCPS) is developing tools around technology designed to help firms not only identify elements of their current business model that may be holding them back but also offering solutions to help them adapt in this changing environment. Transcript April Walker: Hello, everyone, and welcome to the AICPA Tax Section Odyssey podcast, where we offer thought leadership on all things tax, facing the profession. I'm April Walker, Lead Manager for the Tax section, and I'm today with Brian Davis. Brian is the CEO of One Stop CPA, which is a firm that focuses on tax, tax planning, and advisory. We're going to hear more about that. Brian, let's start off with telling me a little bit about your firm and how you got started and what you think, are your distinguishing characteristics. Brian Davis: Definitely. Well, excited to be here. Thanks for having me. Definitely, so my firm is One Stop CPA. It's a traditional small firm. We do compliance. I'm a CPA. We do tax compliance, tax planning, we do accounting services. It's a team of five, including myself, some onshore, some offshore. And the thing that I think distinguishes our product in our service that we deliver to our clients is how we deliver it. We use technology and pair it with insights. We pair it with traditional advisory things that we're giving the clients, and we try to give them that feel as if they're getting in person, top-notch experience because all of the clients that we work with are all virtual. So that gives us the ability to work with a remote team. It gives us the ability to deliver the clients nationwide. I think it's a little, I think it's definitely helped me grow business, get me a little bit more work-life balance, all the above. April Walker: All positive things. So for those who are listening, I mean, I think COVID taught us a lot of things - that we don't always have to be in person, although it's lovely to be in person. I love being next to people. But we don't have to be in person with our staff, with our clients. Maybe talk a little bit about that, how you still get that really great relationship with your clients and your staff, even being remote. Brian Davis: Sure, yeah. Definitely. COVID changed a lot within my firm. I went out on my own in 2017. This was pre-COVID. I went out for a lot of the reasons that are popular now, but back then it was not as popular as it's becoming. The commute to work, having to meet in person just to get a tax return signed, mailing off things. All these different things, I saw them as, these are not the values that customers appreciate. They're looking for me to help them do so many other things, save them, strategize on how to lower their tax bill, how to help them grow their business, how to go for an exit one day. I want to sell this, we can have that on a phone call. I could actually deliver even better results to you. I just started to think, before COVID, it was a little bit tougher to sell clients on this service. It was a lot of teaching. You have to tell your client, hey, well, you have to e-sign your returns, so go to your email. And it's like, I'm not used to this. This is not how we do things with our last accountant. After COVID, of course, that exploded. A lot of clients would reach out to us and say, yeah, if you could get this done for us remotely, that'd be great. So from there, I also switched over to the subscription model around  March 2020. When we made that switch because it's hey, well, we want to serve you guys, and we want to give you all the things that you now need to do remotely. So technology is a big part of that. The way you educate your clients, the way they feel. Because you're losing a little bit of the touch when they're not in person. I can't offer you a drink when you come to the office, but there's even things now where you could send a client a gift card. Here's a five dollar Starbucks gift card, so we could out grab a coffee. There's all these cool little ways where you can just make that customer feel so good, even though we're doing it all the time. April Walker: We're going to talk a little bit about while we're here together, talk about technology. So maybe talk a little bit about where you see those biggest friction points with your clients and how you think technology or how you've explored technology helping some of those friction points. Brian Davis: Definitely. I made all the mistakes when I started my firm. I would do compliance-only work. I would do tax prep only, and I would have different segments of clients that I would deal with in different ways. Well, this person likes to sign in person. This person likes to drop off a package in the mail. When you look into this technology, when we look at things as a firm, it's always well, these clients wouldn't adopt it. These clients wouldn't like it. I wouldn't be able to attract these style of clients. But when you meet a client, and you say, hey, this is our portal. This is how we do business. Take a good look at it, give them a free trial, maybe if you're seriously considering them, and then try to do a test. Did you see this message that I just sent you there? Here's a template. Did you get it? Cool. So that's how we communicate. Believe it or not, nowadays, more and more people, no matter their level of skill and technology, if you could simplify it for them, they appreciate that. Whenever I'm looking at new technology, I'm looking for, I love the new features and how I could make all this money using it and save time. But it's also, will the client feel a disconnect or will they feel like I'm throwing them into the tech dark hole? You could lose a good client because they don't feel that personal touch. Even though we're investing in different technologies and moving to greater things that help us on the back end, we also want to at the same time, if not even more important, when you're making sales, when you're delivering, you want to make them feel comfortable with your tools. If your tool is so hard for them to navigate, it's going to create that for them. April Walker: That's right. What are some exciting things that you have implemented lately around technology? Brian Davis: Definitely. Well, I'll highlight two of my favorites. They know that they're my favorites. TaxDome is my client portal that I use. Before TaxDome, I was doing the spreadsheet and notepad method of workflow management, which is not the right way. April Walker: Maybe in Excel spreadsheets. Brian Davis: Excel spreadsheets. Before that and then implementing TaxDome, it helped me map out how I want to grow the team, how I see myself. Like, which task within this job that we're doing, do I want to, one day off load to somebody, so that I could free up more time for myself to do sales, do client services, help people do like advisory one on one because that's where the value is to the client. They don't care if you're in the back turning out bookkeeping and entering in numbers on your 10 key. They want to know the results, and it's the client experience. So TaxDome is great because when I started it, I was slow to implement. I would pick a few clients, test out on myself. I'm a client, too. I would test out my firm's tax return process and say, Hey, what went smoothly? What can we tweak and make better before we go live with this with everyone? But the feedback I would get from clients is this is so great. I love how easy that was. It's on the app. I can download an app. Everybody knows how to download an app. April Walker: Most everybody, yeah. Brian Davis: Most people. If you're going to work with us, you got to be able to e-sign your return. That's one of the things TaxDome makes. I was getting the feedback that clients really like the experience, and I like the back office side of it, which there are other options out there. I just know that doing TaxDome, clients loved it. Another one is spotlight reporting. A lot of clients are used to seeing their QuickBooks reports black and white, ledger. What's more fun than watching that with the client and just going through a list of fixed assets? Here's your security department. They don't want to see that. You got to make these numbers kind of come alive for the clients have a discussion. Spotlight Reporting connects directly to your QuickBooks file, your Zero files, and you can create your own advisory dashboards. A lot of clients I have will ask, well, how I'm I on pace comp