Given the heightened tax return preparer penalties and the renewed emphasis on enforcement, proper preparation of your clients’ tax returns is more important than ever.
Major Enhancements to the Deskbook. To help you and your staff accurately, consistently, and efficiently prepare your clients' returns, and to help you, your staff, and your clients stay out of trouble with the IRS, this edition includes the following:
- A new quality control template that guides practitioners through a series of practice tools that promote due diligence in preparing corporate income tax returns. Realistically speaking, whether the practitioner has exercised due diligence in preparing the return can be considered to be the starting point for all disciplinary proceedings.
- Guidance on handling the 2012 version of Form 1120 and related forms and schedules, as well as new or revised reporting requirements, including the reduction in the threshold for filing Schedule UTP from $100 million to $50 million. Since more corporations will face this reporting requirement for the first time, the Deskbook includes a sample completed Schedule UTP.
- The reporting consequences of tax law changes affecting 2012 returns, such as the reduction in the first-year bonus depreciation percentage from 100% to 50% for 2012 and the reduced Section 179 deduction limits in effect for tax years beginning in 2012, plus guidance on when to claim one or the other.
- Recent IRS guidance affecting 2012 returns, including the voluminous tangible property regulations issued at the end of 2011, which affect expenditures for materials and supplies, spare parts, and repairs or improvements to fixed assets. Plus, the regulations will require many businesses to request a change in accounting method.
- Post-year-end elections and other opportunities on the 2012 return that can benefit the corporation, such as claiming the Section 179 deduction for certain assets, claiming or forgoing bonus depreciation, carrying an NOL back or forward, claiming a particular tax credit, or changing an accounting method.
- Revised practice tools, including a due diligence checklist, short and long form return preparation checklists, short and long form client organizers, initial and final year return preparation checklists, and a sample tax return preparation engagement letter, plus many other Code-specific worksheets, checklists, and election statement.
The Deskbook also has valuable tax practice tools, including a due diligence checklist, updated long and short form return preparation checklists, long and short form client organizers, initial and final return preparation checklists, and a sample return preparation engagement letter. These practice aids could help avoid a return preparer penalty under the “return preparer's normal office practice” prong of the reasonable cause exception. This edition also includes a unique tax planning roadmap designed to give you and your staff a quick and easy way of identifying tax-saving opportunities for existing or potential clients simply by reviewing their completed tax return.
Integration with UltraTax CS Form Software
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.
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, and easily and efficiently verify the accuracy of information on a return.