Finalizing tax returns when you don’t have all the answers| Tax Section Odyssey
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Finalizing tax returns when you don’t have all the answers| Tax Section Odyssey

1 month ago · 30 min listen

Explore the tax universe.

Subscribe to the Tax Section Odyssey podcast series wherever you listen to your podcasts and check out our library of past episodes.

In this episode

The ongoing COVID-19 pandemic has impacted both the personal and professional lives of CPAs and their clients. The legislative changes alone provided an incredible amount of complexity to sift through, but the trailing guidance thereafter has compounded the intricacy.

Two of the most talked about pieces of enacted legislation is the Paycheck Protection Program (PPP) and the employee retention credit (ERC). While we have guidance on how to treat most aspects of these provisions, key questions remain.

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, and Cari Weston, MST, CPA, CGMA, Director — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, discuss how to finalize client tax returns when we don’t yet have all the answers.

What you’ll learn in this episode

  • Initial thoughts on how to handle open, unclarified and unclear issues while trying to finalize extended tax returns (1.43)

  • Professional responsibilities and the signing of tax returns (9.11)

  • Example on how to handle the ambiguity of a shareholder and their spouse’s salaries as qualifying wages for the ERC. (19.43)

  • What to do when the IRS releases guidance after a position is taken on a return (24.28)

AICPA resources

  • SBA PPP resources for CPAs – Tools and resources on the ever-evolving PPP

  • AICPA Town Hall Series – Bi-monthly, high-impact news broadcast series that delivers the latest news, analysis, insights and practical guidance to accounting and finance professionals and respond to pressing issues facing the profession

  • Treasury Department Circular No. 230 – Consolidated information on the rules governing the recognition of attorneys, CPAs, enrolled agents, enrolled retirement plan agents, registered tax return preparers and other persons representing taxpayers before the IRS

  • Statement on Standards for Tax Services (SSTSs) – Toolkit for the enforceable tax practice standards for members of the AICPA

Other resources

  • Circular No. 230 Tax Professionals – IRS resource page with multiple links to information on Circular No. 230 and information from the Office of Professional Responsibility (OPR)

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, consider joining this prestigious community of your tax peers. You’ll get 15 hours of free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a subscription to The Tax Adviser.

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