The IRS is focusing on return preparer missteps as a cost effective way to combat the tax gap in the face of expanded duties and limited resources. To work efficiently and profitably in this challenging environment, PPC's Core Tax Library shows you and your staff how to:
- Prepare accurate Forms 1040, 1120, 1120S, 1065, and related forms and schedules along with completed forms, worksheets, and statements
- Ensure accurate foreign asset reporting, including filing schedule UTP (Uncertain Tax Positions) and proper reporting of pass-through items to ensure your clients stay clear of trouble with the IRS
- Identify recent tax law changes that can help your clients, such as determining which individual and business tax breaks were extended, and for how long
- Take advantage of elections that can be made on your clients' returns, such as claiming the 179 deduction or bonus depreciation, carrying an NOL back or forward, claiming a particular tax credit, or making the S corporation specific accounting or the partnership Section 754 election
- Avoid penalties and liability problems with the due diligence checklist, short and long form return preparation checklists, short and long form client organizers, initial and final year return preparation checklists, as well as sample engagement and transmittal letters
Plus, each Deskbook in the Library provides a unique tax planning roadmap that highlights planning opportunities on your clients' 1040, 1120, 1120S, or 1065 that you and your staff can pursue after busy season.