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    Record Retention

    Article Every firm should have a record retention policy and should have its legal counsel review this policy to make sure that all legal areas are covered. The policy should spell out what records should be kept...
    Published on May 03, 2010

    Record Retention Policies How Long Is Long Enough

    Article In advising clients on retention policies, the concern is often with keeping records too long, and because of the cost and logistical issues related to record retention, many taxpayers want to destroy outdated records as soon as possible...
    Published on January 28, 2011

    Disagreements Between Taxpayers and the IRS over Substantiating the R&D Credit

    Article The incentive effect of the R&D credit has been severely dampened by the fact that defending the credit during an IRS audit can be a long and frustrating process for taxpayers. But there are several vague and subjective terms in the body of the R&D tax credit law that are
    Published on February 01, 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

    Code of Professional Ethics

    Article Our ethical behavior is essential to preserve the trust that the public has placed in our profession. The publicity on certain isolated individuals within our profession has, at times, left a doubt with the public that we must attempt to dispel. We as professionals must double our efforts to make
    Published on January 28, 2011

    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

    States Increase Enforcement of Unclaimed Property Laws

    Article Many states have now taken a variety of measures to promote compliance with unclaimed property laws, including increasing the number of audits, engaging third-party auditors, and offering voluntary disclosure programs.
    Published on September 30, 2013

    Sec. 199 Domestic Production Activities Deduction

    Article Since 2004, Sec. 199 has allowed as a deduction a percentage of qualifying production expenses, with “production” defined broadly and requiring only that it take place “in significant part” within the United States.
    Published on May 03, 2011

    Sales Tax Audit Best Practices

    Article This article discusses common issues in state sales tax audits and gives tips and best practices for each part of an audit life cycle.
    Published on July 25, 2013

    Report on Foreign Bank and Financial Accounts Compliance and Controversy

    Article In recent months, concern over who is required to file the FBAR has escalated among taxpayers and tax practitioners alike. Along with stepped-up enforcement by Treasury and the IRS, this has made for a very interesting and challenging period in the life of the FBAR reporting requirement.
    Published on January 28, 2011

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