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too long, and because of the cost and logistical issues related to record retention, many taxpayers want to destroy outdated records as soon as possible...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

    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

    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

    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

    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

    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

    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

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