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Quality Management Standards – The Clock Is Already Ticking

January 15, 2023 By now, you should be aware of the new Statement of Quality Management Standards (and related new audit and compilation and review standards) issued in June 2022. The July/August 2022 Tennessee CPA Journal included a good article that covered the requirements of these new standards. Every firm that performs attest work will be impacted by these changes.

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TSCPA Federal Tax Committee Liaison Report

January 15, 2023 TSCPA’s Federal Tax Committee met virtually with representatives from the IRS at the Tennessee Practitioner Liaison meeting on Dec. 13, 2022. Speakers from IRS divisions presented updates on issues affecting the tax practitioner community and engaged in discussions with the committee’s members and guests.

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TSCPA State Tax Committee Liaison Meeting Report

January 15, 2023 TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue at the State Tax Liaison meeting on Dec. 8. The State Tax Committee meets semi-annually with state tax officials to stay up to date on tax trends and changes, as well as discuss issues of importance to Tennessee CPAs.

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Automating Tax Preparation Workflow

January 15, 2023 There are many considerations for tax professionals this year with IRS 5293 compliance, the tax implications of the Inflation Reduction Act, improvements in tax document automation Prepared by Client (PBC) tools and portals.

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Accounting in 2023: The Year Ahead

January 15, 2023 If change is the only constant, then we understand the current dynamic economic environment will introduce challenges and opportunities. As a profession, we are learning how to better respond to the challenges and leverage the opportunities of the future. The discussion that follows provides some thoughts on some of the challenges and opportunities that are coming in 2023 and beyond.

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