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too long, and because of the cost and logistical issues related to record retention, many taxpayers want to destroy outdated records as soon as possible...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

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

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

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

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 June 30, 2012

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

Women in Accounting

Article:  On November 18, 2010, the Illinois CPA Society held a Women’s Leadership Breakfast and presented the AICPA Women to Watch Awards honoring three experienced leaders and two emerging leaders. The audience was composed of females and males (though present in much smaller proportions). While accepting her trophy, one of the
Published on March 21, 2011

IRS Releases HIRE Act Employee Affidavit Form

Article:  The IRS released new Form W-11 for certifying that employees are qualified employees for purposes of tax benefits under the Hiring Incentives to Restore Employment (HIRE) Act.
Published on January 28, 2011

Protecting Personal Information

Article:  It has been said that “information is power.” But as with any valuable resource, it must be managed to maximize benefit and minimize cost.
Published on January 28, 2011

Client Data Security for the Tax Practitioner

Article:  This column takes a brief look at some practices CPAs should consider when handling data security.
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

Wheres My Canceled Check A Review of the Basics

Article:  Most people now receive only scanned images of their canceled checks; however, during an audit, some IRS requests for information insist on substantiating expenditures with front-and-back copies of canceled checks.
Published on June 30, 2012