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Advise clients promptly of errors or omissions of the preparer or client in any tax matter with respect to which the preparer is retained. Submit records, etc., requested by the IRS in a timely manner. Exercise due diligence and use best practices of the profession. [12]
Due diligence can be a legal obligation, but the term more commonly applies to voluntary investigations. It may also offer a defence against legal action. A common example of due diligence is the process through which a potential acquirer evaluates a target company or its assets in advance of a merger or acquisition. [1]
Operational due diligence (ODD) is the process by which a potential purchaser reviews the operational aspects of a target company during mergers and acquisitions, private equity investments, or capital raising. Its purpose is to ensure that the business model and operations of the target are suitable to the goals of the buyer.
Tax season is here, and if you're looking forward to a big refund, you probably want to get your return filed as early as possible. Thanks to the 2017 Tax Cuts and Jobs Act, there have been changes...
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