Tax Preparation
Tax preparation is the process of organizing and submitting your financial information to complete your tax return, which is then filed with the relevant tax authority, such as the Internal Revenue Service (IRS) or state department of revenue, or international tax authority.
Reason To Contract ServiceDecide based on a cost-benefit analysis of the expertise and cost of providing the service within your organization versus that of a third-party professional. Expertise ultimately translates into cost as well, as greater expertise can result in more tax savings, less time preparing taxes, and lower risks of audits and penalties.
Hiring a third-party professional has the potential benefit of utilizing the Tax Professional Reasonable Reliance Defense to guard against liability for accuracy-related penalties for negligence or intentional disregard of rules or regulations.
Authorities For Further Research(i) United States Code, 26 U.S.C. § 1 – 1564 (i.e. Internal Revenue Code (IRC))
(ii) Code of Federal Regulations, 26 C.F.R. § 1 – 899
(iii) IRS Publications and Guidance
(iv) Federal Court Case Law
(v) State Tax Law & Regulations
(vi) State Court Case Law
International, Federal, Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, D.C., Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, Puerto Rico Request new area
