P>Music, this is the PKF Texas Entrepreneurs Playbook. I'm Jen Lemansky, this week's guest host, and I'm back again with Chris Hatton and Martin You Sing, two of the directors on our transaction advisory services team. Guys, welcome back to the playbook. Thanks, Jen. Thank you, Jen. Now, I've heard you guys talk about due diligence. What is it on the tax side, Janet? Due diligence really comes down to a process of investigating and examining a target company's tax filings and tax records and historically to see if there's anything in there that may present risk or exposure that the buyer wants to be aware of so they can take that into their decision-making process ahead of time before learning about those things after working well from the financial reporting side of things. It's also an income statement approach. A lot of times, the transaction is based off some multiple of earnings or revenue, and so as a buyer, you want to make sure that there's some reliability and predictability behind those numbers, and so we kind of go in and do a deeper dive on that. So it sounds like it's usually the buyer doing the due diligence, is that correct? That's correct, Jen. But oftentimes, the seller will also do diligence on itself. Due diligence can be a disruptive process if you're having multiple buyers come in or multiple bidders come in and going through that process, so that can be a little bit disruptive and it also gives the seller a chance to find out what, if any, skeletons are in their closet before a buyer comes in and does diligence, and so it can occur on both sides. Yeah, definitely. To further Martin's point, it is a very disruptive process, and so they want to make sure that they've got...
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Head of household due diligence questionnaire Form: What You Should Know
What is the current deadline for completing Form 8867? Due-Diligence Form 8867 What if the tax year does not qualify for one of the benefits? A. After the due-diligence preparation is complete, the IRS has the authority to determine if the filing status required for credit or HOW filing will be eligible. This will determine which benefit is applied.
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