To Verify or Let It Fly: What to Do About Questionable Tax Return Information

Overview

Tax return preparation and consulting always involves the accountant's review of – and reliance on – information provided by the client. Not everything can, or need be, verified. This workshop considers the duty of CPA tax return preparers to make further inquiries, from the perspective of Circular 230, preparer penalties and professional ethics.

Highlights

• Clear Reflection of Income: Really?
• The Verification Drill
• Tax Ethics and the Conceptual Framework
• The Tax Uncertainties Dance (Tax and Financial Reporting)
• Cases and Controversies
  • Blanco v. United States
  • U.S. v. Fairchild
• Conclusion

Prerequisites

None

Designed For

Accountants who prepare income tax returns or offer tax consulting

Objectives

• Differentiate between the theoretical accounting concepts and objectives of financial accounting from those of tax accounting.
• Review the verification requirements imposed by statute, by the IRS and by the accounting profession for purposes of accounting and professional ethics.
• Compare accounting for tax uncertainties in financial and tax accounting.
• Critique the verification procedures and protocols utilized in real world cases (Case Studies)

Preparation

None