Tax Compliance

    Tax Compliance 


    The complexities of the Internal Revenue Code, combined with the ever-changing client environment, makes assisting clients with tax compliance a constant challenge. Whether working with federal or state issues, domestic or foreign matters, and individual or business clients, every practitioner must ensure they are technically competent to serve their clients. While tax preparation software has made compliance work easier, the data is only valid if entered properly, and software cannot take the place of a knowledgeable tax practitioner. Even the best practitioners can benefit from regular updates and practical tools to ensure that all required due diligence is considered when preparing and reviewing tax returns.

    Our staff and volunteers work year-round to keep you current on issues that matter to your practice, regardless of size or specialty. We provide access to timely resources including practice guides, practice aids, webcasts, and more. Check back often for newly added materials.




    What to Know Now

    Update on Repair Regulations: IRS Provides Relief for Small Businesses!

    • IR 2015-29: On Friday, Feb. 13, 2015, the IRS announced simplified procedures for the final tangible property regulations.
    • Rev. Proc. 2015-20: Newly issued procedures permits small businesses to change a method of accounting under the final tangible property regulations on a prospective basis, and avoid completing and filing a Form 3115. 

     

    Tools & Resources

    We are constantly in the process of developing new or updated existing resources. Some newly released resources include:

      • Informed Client Consent Letter for Tangible Property Regulations Sample letter to assist in communicating the implications of the Tangible Property Regulations to clients who qualify as small business taxpayers under Rev. Proc. 2015-20.
      • Quick Summary of Final Tangible Property Regulations: View a chart summarizing the recently issued final regulations for tangible property. This chart provides an overview of the regulations for tax practitioners and taxpayers.
      • Sample Capitalization Policy : This is a book capitalization policy template for our members to customize and use internally or to advise clients.
      • Casualty Loss Practice Guide : Revised Sept. 2014, this guide is to assist practitioners in dealing with certain tax problems that arise when a client is affected by a natural disaster. It discusses rules for casualty losses and deductions for involuntary conversions, and it will provide information on relevant IRS publications, as well as other useful material.

       

      Learning

      Self-Study



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