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, PPC's 1120S Deskbook enhancements include:

• 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 versions of Form 1120S and related forms and schedules. One of biggest S corporation compliance issues is properly preparing Schedules K and K-1. To help you prepare accurate K-1s and to help your clients avoid matching problems with the IRS, the 2012 edition has filled-in Schedules K and K-1s with the lines and codes for reporting various types of pass-through items to the shareholders.
• 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 recently released debt basis adjustment regulations as well as 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.
• Post-year-end elections that can benefit the corporation or the shareholders, such as claiming the Section 179 deduction or bonus depreciation, electing specific accounting upon a complete stock disposition, or electing to distribute AE&P (including a deemed dividend if necessary) while the low 2012 tax rates still apply.
• 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.

Integration with UltraTax CS Form Software
Now subscribers of UltraTax CS Form 1120S software and PPC's 1120S Deskbook 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 1120S Deskbook on Checkpoint to confidently resolve complex tax issues, and easily and efficiently verify the accuracy of information on a return.

For information on UltraTax CS or to view a demo of the integration with PPC's 1120S Deskbook, visit http://cs.thomson.com/tax/quicklook.aspx.