Auditors today are tasked with many important responsibilities, but their core function is to provide reasonable assurance on whether or not a company’s financial statements present fairly, in all material respects, the company’s financial position. In today’s increasingly complex business environment, having a clear understanding of substantive audit procedures and their role in the audit, including how they are affected by SAS 145, is essential. Material misstatements can have significant ramifications for a company, and the importance of an auditor’s reasonable assurance is not to be taken ..read more

Jump to:   The opportunity of advisory   How do Advisory Maps work?   Empower your staff — and your firm   A powerful advisory combination It’s no secret that more and more accounting firms are making the shift towards advisory engagements. But how do you empower your staff — particularly junior staff — to deliver advisory services confidently and effectively?  The answer lies in an AI-powered solution that provides step-by-step guidance on how to deliver tax planning and advisory engagements to your clients. Enter Advisory Maps from Checkpo ..read more

Jump to: Implications of the Corporate Transparency Act   Congressional considerations and proposed solutions   Evolving attitudes and potential changes to the Corporate Transparency Act     To catch up with the Corporate Transparency Act, read our introductory blog below: Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024   In an effort to combat money laundering, tax fraud, and other illicit activities, the Corporate Transparency Act (CTA) was enacted in 2021 and became effective on January 1st, 2024. The law aims ..read more

Jump to:   Reduce stress by setting boundaries   Outsource demanding tasks   Offer wellness benefits   Invest in AI-powered tax software Tax and accounting professionals are no strangers to long hours, heavy workloads, and high-pressure deadlines. These demands can especially take a toll on advisory firms, leading to burnout, stress, and anxiety.   May is Mental Health Awareness Month, an opportunity for advisory firms to prioritize well-being and rejuvenation. The stress from tax season may linger even after filing deadlines, so recogn ..read more

Jump to: The role of emotional intelligence (EQ) in client relationships The evolution of client service in accounting firms Leveraging technology for enhanced client service Forward-looking accountants are increasingly realizing the importance of harmonizing technical tax expertise with interpersonal relationship skills. It’s a blend of art and science, the mastery of which leads to sustained growth and long-lasting client relationships. But how do you strike this balance effectively? Let’s explore the powerful combination of technical tax knowledge and emotional sav ..read more

Jump to:   Unravel tax law complexity with AI-powered tax research   Alleviate workload pressures with AI-powered workflows   Prioritize well-being and renewal   Strengthen client relationships by shifting to an advisory model Has a stressful tax season left you reeling? If so, you’re not alone.   From rising client expectations to ever-changing tax laws to overwhelming workloads, the stress from tax season often lingers well past filing deadlines. But amidst the struggle, there is good news. By embracing AI-powered solutions, prioritiz ..read more

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years. In this post, we’ll explore some hot topics on state-specific r ..read more

When filing tax returns, it’s important to report all income sources accurately. For accountants, you must also remind your clients that early distributions from qualified retirement plans or other tax-favored accounts may incur penalties and trigger the need to file Form 5329 – Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. Let’s look at what this form is all about and how to advise clients who may need to file it. Jump to: • What is Form 5329? • What are Form 5329 exceptions? • What is a Form 5329 waiver of penalty? • How to report e ..read more

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Let’s take a look at some commonly asked questions and answers on 401(k) tax considerations for contributions and withdrawals. Jump to: Is a 401(k) pre-tax? Is there a 401(k) inheritance tax? How is a 401(k) taxed? Is there a 401(k) loan tax? What are some 401(k) tax benefits? How to engage with clients on 401(k) tax considerations What are the taxes on 401(k) withdrawa ..read more

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. That’s why it’s important to have a thorough understanding of the tax implications, contribution limits, and distribution rules associated with various retirement accounts, including 401(k)s, IRAs (Traditional and Roth), and pension plans. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years. Jump to: • 10 tax-efficient reti ..read more