Guidelines for protecting the tax practitioner from criminal liability

Article Abstract:

Tax accountants should realize that when clients becomes the object of a criminal investigation, it is likely that the accountant will also be investigated. The practitioner could be criminally liable if party to the filing of a willfully false tax return. It is a common practice for the defense attorney in a criminal tax case to claim that the tax accountant is responsible. Accountants can protect themselves from criminal liability by never compromising their position for the benefit of the client, being aware of clients or practice areas that entail high risk, carefully reviewing all transactions, and carefully documenting all client files.

Accounting, Criminal liability

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How to lessen the tax and administrative burden of the new uniform capitalization rules

Article Abstract:

A carefully planned allocation strategy is needed to minimize the tax costs of the new uniform capitalization rules. The alternative methods and elections that should be analyzed to find the best allocation strategy are discussed. Two methods that can lessen administrative burdens are the simplified production method and the simplified resale method. The revaluation of beginning inventory and allocation to ending inventory under the new rules are discussed.

Methods, Allocation (Taxation), Tax allocation, Market capitalization

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