Virtual Chapter

• The AICPA Town Hall is a resource for updates on pressing issues facing the accounting profession.
• This episode covers a variety of topics, including the recent government funding deadlines, the bipartisan tax deal, and tax season hot topics.
• Mark Peterson and Lisa Simpson provide updates on the latest developments in Washington, DC, including the passing of a stop-gap funding measure to continue funding the government and the IRS.
• They also discuss the bipartisan tax deal that is currently being considered, which would extend some business provisions and the child tax credit.
• Carl Peterson and Nicole Davis share tips for tax season, including how to streamline workflows, communicate effectively with clients, and manage burnout.
• The AICPA has a variety of resources available to help CPAs stay up-to-date on the latest tax laws and regulations, including the Town Hall series, newsletters, and blog posts.

I hope this summary is helpful!

Let me know if you would like learn more about any of the topics covered in the video.

Irene: please expand on Carl Peterson's and Nicole Davis' tips for tax season

Bard:

Here are some of Carl Peterson's and Nicole Davis' tips for tax season, as shared on the AICPA Town Hall:

• Streamline your workflow: Nicole recommends looking at your intake process, tax preparation process, and delivery process to see where you can make improvements. She also suggests using online forms and portals to eliminate paper organizers.
• Align your strategies with your clients and team: Nicole says that she always thinks about how her strategies will impact her clients and her team. She recommends looking for ways to improve communication and collaboration.
• Use technology to your advantage: Nicole uses a virtual text messaging service to communicate with her clients. She also uses online forms and portals to eliminate paper organizers.
• Have fun during busy season: The AICPA has a Busy Season Fun Calendar that you can use to generate some joy and have a little bit of fun during busy season.

I hope this helps!

Irene: just wondering, are there any other tips that carl and nicole mentioned?

Bard:

Yes, there are a few other tips that Carl and Nicole mentioned in the video:

• Nicole: She mentioned that she uses a virtual text messaging service to communicate with her clients. This is a secure way to send and receive quick messages, and it can help to reduce the amount of time spent on email or phone calls.

• Nicole: She also mentioned that she has a half day Fridays policy for her team. This helps to reduce burnout and stress during tax season.

• Carl: He mentioned that he thinks that many of the concerns about BOI are being overthought. He said that for many small businesses, it will be relatively easy to comply with the requirements.

• Carl: He also suggested that firms should make sure to include BOI information in their engagement letters, checklists, and tax organizers.

I hope this helps!