Given the IRS’s renewed emphasis on enforcement, proper preparation of your clients’ tax returns is more important than ever. In reviewing the IRS’s 2006 enforcement results, Commissioner Mark Everson noted that audits of small corporations have more than doubled since 2004, while audits of larger corporations are up nearly 50% from 2003.

The 2008 edition:

• Incorporates important changes made by the 2008 Extenders Act, including tax credit extensions, enhanced charitable contribution deductions, bonus deprecation and Section 179 deduction for disaster areas, and a new write-off for disaster-related expenses.
• Discusses the 2008 Economic Stimulus Act’s extension and enhancement of the Section 179 deduction for tax years beginning in 2008, and the 50% bonus depreciation deduction for assets placed in service during 2008.
• Addresses recent regulations revising the rules for deducting start-up costs under IRC Sec. 195 and organizational expenses under IRC Sec. 248.
• Incorporates new IRS guidance for allocating surtax amounts using the FIFO or the proportionate method.
• Explains regulations addressing the treatment of dual consolidated losses and the requirements that must be met to exclude intercompany gain from gross income.
• Includes updated coverage of the return preparer penalties, including replacement of the “more likely than not” by the substantial authority standard by the 2008 Extenders Act, and interim guidance and regulations issued by the IRS during 2008.
• Includes a new table summarizing the recent 2008 tax law changes.
• Includes new/revised due diligence, long-form, and short-form return preparation checklists; new checklists for preparing initial and final tax returns; a new Form 1120 organizer with transmittal letter; and a revised tax return preparation engagement letter.

The unique roadmap feature enables you and your staff to effectively identify future engagement and tax savings opportunities for your clients by reviewing their completed tax return.

Integration with UltraTax CS Form Software from Creative Solutions. Now subscribers of UltraTax CS Form 1120 software and PPC’s 1120 Deskbook on Checkpoint can go directly from any tab section on any input screen to the relevant key issues, practice aids and illustrations in the Deskbook – with the click of a button! Take advantage of the integration between UltraTax CS, other practice management and engagement software from Creative Solutions, and PPC’s 1120 Deskbook on Checkpoint to:

• Confidently resolve complex tax issues;
• Easily and efficiently verify the accuracy of information on a return;
• Review a client’s prior year returns for tax saving opportunities;
• Manage client risk;
• Proactively identify future tax planning engagements; and
• Move one step closer to a paperless tax office.

For information on UltraTax CS software or to view a demo of the integration with PPC’s 1120 Deskbook, visit http://cs.thomson.com/tax/quicklook.aspx and click on the PPC Deskbooks link.

To help you manage the return preparation process, a special package of tax practice tools provides a return fee estimate worksheet, sample engagement letter, client acceptance and continuance forms, and state tax information.

Written and reviewed by experienced practitioners to provide the practical insights and tax return preparation tips that only years of practice can provide, the 2008 edition will be the 18th edition of the 1120 Deskbook. Don’t trust your busy season to anyone else!

For Sales please call 1-800-323-8724, option 1.