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Choosing the right tax return preparer for you

Need help filing your federal tax return, but aren’t sure where to start to find a tax preparer? Start with […] The post Choosing the right tax return preparer for you appeared first on Taxpa...

Avoid Tax Return Errors & Refund Delays

TAS has launched a nationwide Pre-Filing Season Awareness outreach campaign to help millions of taxpayers who self-prepare federal tax returns […] The post Avoid Tax Return Errors & Refu...

National Taxpayer Advocate Celebrates the 50th Anniversary of the Earned Income Tax Credit

Celebrating 50 Years of the Earned Income Tax Credit Tax year (TY) 2025 marks the 50th anniversary of the Earned […] The post National Taxpayer Advocate Celebrates the 50th Anniversary of the...

Get an IP PIN to protect yourself from tax-related identity theft

TAS is pleased to share the news that the IRS has now opened up enrollment in the Identity Protection PIN (IP […] The post Get an IP PIN to protect yourself from tax-related identity theft ap...

Senate Finance Committee Chairman Crapo and Ranking Member Wyden Release Discussion Draft of “Taxpayer Assistance and Service Act”

Earlier today, Senator Mike Crapo, chairman of the Senate Finance Committee, and Senator Ron Wyden, the committee’s ranking member, jointly […] The post Senate Finance Committee Chairman Crap...

Identity Theft Awareness and Update on IRS Processing of Identity Theft Victim Assistance Cases

Identity theft is a constant threat that can happen to anyone. As the saying goes: an ounce of prevention is […] The post Identity Theft Awareness and Update on IRS Processing of Identity The...

Create an Online Account to View your Balances, Make Payments, Get Transcripts, and More.

Find out how you can register for an online IRS services account. The IRS offers an online account application for […] The post Create an Online Account to View your Balances, Make Payments, ...

Choosing the correct filing status for your tax return

Sometimes we see confusion about which filing status people should choose when filing their tax return. Did you know IRS.gov has an […] The post Choosing the correct filing status for your ta...

Hobby vs. Business Income

When you look at your income for the year, you may find that you made some money from one of […] The post Hobby vs. Business Income appeared first on Taxpayer Advocate Service. ...

Resolving a Tax Bill

TAS Tax Tip: Resolving a tax bill   Got a tax bill for your federal tax return? One of the […] The post Resolving a Tax Bill appeared first on Taxpayer Advocate Service. ...

Peer Review

What is the value of Peer Review to my firm?

When your firm participates in the AICPA Peer Review Program, you should derive a number of benefits including:

 - Strengthened quality control

 - Improved processes

 - A better understanding of recent professional pronouncement and an awareness of those under consideration

 - Having demonstrable evidence of your firm’s quality 

 - A reduction in recurring issues

 - The awareness of any deficiencies needing correction

 - The potential of using your clean report as a marketing tool to demonstrate your firm’s commitment to quality

 - Learning best practices from your reviewer’s experience working with other firms

 - Benchmark information to compare your firm against similar firms

What criteria should I use when selecting our firm’s peer reviewer?

When selecting your firm’s peer reviewer, you will want to consider the level of audit experience and expertise of the peer reviewer or review team based on their:

 - Years of auditing

 - Number and type of audit engagements they’ve managed

 - The industries they’ve audited

 - The types of audits they’ve conducted

 - Years as a peer reviewer

 - Number and type of firm’s they’ve peer reviewed

 - The types of engagements and industries served by their peer review clients

 - The types of teaching, speaking or article writing they may do related to auditing or peer review

 - Their ability to supply references

You also want to evaluate your peer reviewer based on their cultural fit with you and your firm.  You want to be able to like and trust your reviewer and believe that you can build a long-term relationship with them.  

It is important to note that most peer reviewers will not score “perfectly” in all of the above-mentioned categories, however, you’ll need to evaluate each peer reviewer based on those criteria that are most important and will supply the best match for your firm

Why should we pay your standard rate for these services?  

Given the depth of expertise required to conduct an efficient, productive and above all – quality enhancing peer review, we are unable to discount our rates for our peer reviewers, who are also our best auditors.  Understanding the market shortage for talented auditors, our firm has made the decision to dedicate resources to deliver peer review services, but our business model dictates that we charge our standard rates to have these, our best people, working with your firm.

 

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