Due Diligence Reminders

Authored by Annette Nellen
About this Course
Topics covered include: The meaning of due diligence; Penalties and rules of conduct supporting the need for due diligence; Various due diligence reminders stemming from Internal Revenue Code provisions, court cases and select transactions and activities of individuals. Upon completing this course, you should be able to: Identify due diligence reminders relevant to federal, state and local tax compliance for individuals; Identify due diligence reminders relevant to federal, state and local tax compliance for individuals Recognize tax rules that mandate due diligence by practitioners; Recognize tax rules that mandate due diligence by practitioners Differentiate statements related to IRS expectations of preparers; Identify the IRC section with respect to the imposition of accuracy-related penalties on underpayments; Identify the IRC section with respect to the imposition of accuracy-related penalties on underpayments Recognize examples of due diligence with respect to information security; Describe the court's analysis result in a neutral decision with respect to the determination of a hobby vs. business; Describe the court's analysis result in a neutral decision with respect to the determination of a hobby vs. business Identify best practices to avoid due diligence problems; Recognize the penalty of what percent of the underpayment is determined based on an accuracy-related issue in accordance with Section 6662; Recognize the penalty of what percent of the underpayment is determined based on an accuracy-related issue in accordance with Section 6662 Identify a type of due diligence specifically with respect to return preparation and filing; Recognize the penalty of what percent of the underpayment is determined based on an accuracy-related issue in accordance with Section 6662 Identify a type of due diligence specifically with respect to return preparation and filing Describe management heirarchy; Differentiate business record problems; Recognize the amount required noncash donated items required reliable written documentation showing information; Recognize the amount required noncash donated items required reliable written documentation showing information Describe which IRS form include a paid preparer's due diligence checklist; Recognize the amount required noncash donated items required reliable written documentation showing information Describe which IRS form include a paid preparer's due diligence checklist Identify a key point of Section 6695(g).
$ 51.00
Add To Cart
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2.0
Prerequisites
None
Last Updated
04/30/2018
13622