REDUCE RISK IN YOUR TAX PRACTICE

Tax claims make up more than 50% of the professional liability insurance claims in Canada* – that’s why CPA Canada has developed the Tax Risk Management Guide (TRMG).

With 22 chapters of straightforward commentary, valuable guidance and time-saving practice aids, the TRMG will provide you with the valuable resources you need to help you manage risk, avoid common pitfalls and improve your practice effectiveness.

The Tax Risk Management Guide focuses on risk identification and mitigation for small to medium-sized tax practices. A unique resource on tax risk management, the TRMG identifies over 150 risk areas associated with different types of tax return preparation engagements, tax planning engagements and tax litigation engagements, as well as risks that stem from a firm's internal operations. The detailed explanations on where various risks reside, why they arise and how to effectively avoid them, supplemented with information on common areas of the malpractice insurance claims, make this guide a valuable risk and loss prevention tool for tax professionals who strive to achieve long-lasting success in their tax practice.

Tax Risk Management Guide Landing Page

Purchasers receive access to the TRMG landing page. This helpful resource will pop up once you log in to your Knotia account. It highlights and provides quick links to several important topics of the Guide, such as:

• risk areas pertaining to preparation and filing of income tax returns and forms, information returns and forms, and GST/HST related returns and forms
• risks associated with tax planning / advice services
• risks to be considered while providing tax appeal and litigation services.

The landing page also contains links to many other useful tax resources from CPA Canada, the CRA, and the leading accounting firms, in an effort to build a comprehensive information centre to facilitate practitioners' needs on tax information updates and research.

*AICA Services Inc., Risk Management Presentation, 2014

Publication Date: January 2019