Mid-stream assessment of tax season.

• Author: Muirhead, T. Chris

Editor's note: Mr. Holub chairs the AICPA Tax Division Tax Practice Management Committee. Mr. Muirhead is a member of the committee.

If you would like additional information about this article, contact Mr. Muirhead at (307) 265-4311 or TCMUIRHEAD@ PMCH.COM.

Performing a mid-stream assessment in the middle of a practitioner's busy season can be critical to the overall success of that tax season. By appraising the situation, tax professionals can check the status of their practices and put measures into effect--even if temporarily--to combat any perceived shortcomings. Obviously, as time is short, any significant changes in firm matters are best left to the post-tax-season months. However, there are some things that can be done even at this stage without too much fanfare that can facilitate the remainder of the crunch period.

Reevaluate Technical Tax Resources and Line up Reinforcements

Most tax professionals realize all too well that, no matter how well-qualified they are, they cannot be experts in every phase of the tax law. The changes brought about by the Taxpayer Relief Act of 1997 have probably made their work this season even more challenging than anticipated. Perhaps the standard sources for tax information--the Code, regulations, paper or on-line tax services--aren't enough. It is not too late to make use of alternative research aids to cut down on time spent investigating unfamiliar or time-consuming topics. If you have not yet made use of them, consider tax-related Websites. Most of these sites are incredibly user-friendly, and many use the same search methodologies as tax research CD-ROMs. Using these sites may make the difference between a happy client and an ex-client. Further, for those who do not care to surf the Web, there is the AICPA's Tax Information Phone Service (TIPS) Hotline. This two-year-old program of the AICPA's Tax Division consists of a group of technical tax managers who will guide tax practitioners or their staff through any tax-related question at the caller's own pace. Open only to AICPA members, the service charges a reasonable fee per minute and is accessible by phone, voice mail and e-mail. (For more information, see the box on page 185.)

Reassess Auxiliary Technology Functions and Operations

Most tax practitioners and their staff probably spent considerable time becoming comfortable with their preparation and research software. In the process, they may have neglected lesser computer concerns. In all likelihood, some of these may have surfaced during the first half of the busy season and are now a source of irritation. While seemingly innocuous, the following technological aspects should not be ignored:

Internal and external client computer data management. Often, before information can be input into the tax practitioner's tax preparation software, a computerized spreadsheet or schedule needs to be prepared. This data can either be internal (i.e., generated by the...