Due Diligence Update
Article:
This column discusses the tax professional’s due-diligence obligations under SSTS No. 3 and Circular 230
Published on April 30, 2012
EITC Due Diligence Penalty Increases and Requirements Change
Article:
The tax preparer penalty relating to earned income tax credit (EITC) due diligence will increase to $500 and the IRS is proposing that the requirements for EITC due diligence be made tougher
Published on November 30, 2011
Expanded Due-Diligence Requirements for 2012 Returns
Article:
This item discusses Form 8867, Paid Preparer’s Earned Income Credit Checklist, extensive new due-diligence requirements for wage earners, and Schedule C, Profit or Loss From Business
Published on April 01, 2013
EITC Due-Diligence Requirements IRS Ramps Up Enforcement and Education Efforts
Article:
This article explains the basic EITC rules, the due-diligence requirements under Sec. 6695(g), and the proposed changes to the regulations under Sec. 6695(g
Published on August 24, 2012
EITC Due-Diligence Final Regs. Issued
Article:
The IRS issued final regulations governing the due-diligence requirements imposed on tax return preparers who prepare tax returns on which taxpayers claim the earned income tax credit
Published on February 29, 2012
Tax Return Due Diligence Basic Considerations
Article:
This article examines the rules of due diligence and the importance of tax professionals understanding these rules and proactively adapting to them in a practical manner
Published on April 27, 2011
The Need for Increased Due Diligence in Filing Extensions
Article:
This item reviews the requirements for filing for extensions, estimating tax liability, and paying all due tax liabilities.
Published on June 16, 2011
Penalty for Failing to Meet EIC Due Diligence Requirements Can Be Assessed Against Employer or Employee
Article:
The Office of Chief Counsel (OCC) advised that after the amendments to the regulations in T.D. 9436 in December 2008, the IRS continues to have the authority to assert the penalty against either the employee-preparer of a return or his or her employer for failing to meet the earned income
Published on January 28, 2011
International Tax Issues for Newly Multinational Corporations A Due-Diligence Perspective
Article:
A taxpayer that ventures into international business by acquiring a multinational target may encounter a number of tax issues that could result in significant unanticipated tax liabilities.
Published on April 01, 2013
The Tax Adviser January 2012
Publication:
Use navigation tools to browse articles from the January 2012 issue of The Tax Adviser. Articles include Retiree Tax Planning, EITC Due Diligence and 2010-11 Revisions to Circular 230 among others
Published on January 27, 2012
The Next Case of Madoff Disease
Article:
When clients rely on just the word-of-mouth reputations of investment professionals within their social groups, they miss out on the healthy skepticism and due diligence exercised by an advanced planning group. A referral from a successful friend may be a great place to start, but it’s only a start
Published on January 28, 2011
Year-End Individual Taxation Report
Article:
This article covers developments from the past year affecting taxation of individuals, including last year’s tax relief, health care, and small business legislation, regulations, cases, and IRS guidance.
Published on August 24, 2012
Treasury Releases FATCA Model Intergovernmental Agreement
Article:
On July 26, the Treasury Department released its long-awaited model intergovernmental agreement to improve tax compliance and to implement FATCA.
Published on October 31, 2012
FATCA Prop. Regs. Amended to Extend Various Deadlines
Article:
The IRS is delaying various FATCA-related deadlines because it has received feedback that complying with the original deadlines and other requirements is proving to be impractical for some taxpayers.
Published on December 31, 2012
Circular 230 Its Day-to-Day Impact on Tax Practices
Article:
While discussions about Circular 230 usually focus on the standards it imposes relating to tax returns and opinions, the breadth and scope of Circular 230 also regulates the day-to-day business operations of tax practitioners relating to fees, client solicitations, marketing and advertising, and the management of client files and records.
Published on August 24, 2012