Music, this is the PKF Texas Entrepreneur's Playbook. I'm Jen Lemansky. This week's guest is Martin Hewson, one of our tax directors on our transaction advisory services team. Martin, welcome back to the playbook. Thank you, Jenna. I'm happy to be here. In a previous episode, we talked about due diligence, both from the tax and from an audit perspective. And we only got a very high-level overview. Can you drill down a little bit more on what tax due diligence is? We have clients come to us who are interested in making a business acquisition, let's say, whether that involves buying the assets of another company or buying the stock outright of another company. Tax due diligence is the process whereby we go in and do an examination or investigation of that company, looking at their historical tax filings and historical tax records to see if there's any type of exposure or risk that the buyer would assume in that acquisition. So, in other words, let's say that I'm interested in buying a company. We go through the process, I buy the company, I pay X amount for the company, and then I find out a year later that this company owes a million dollars to the IRS in back taxes. As you can imagine, that's a big problem, right? Those are the types of things that tax due diligence helps uncover upfront. That critical information goes into the decision-making process of whether you want to buy the company at all. It certainly goes into the decision process of how much you're willing to pay for the company. So, tax due diligence is really about going through a process that uncovers that type of information, to the extent that it's there. If it's not there, that's fine. You have less to worry about....
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Eitc due diligence penalty 2023-2024 Form: What You Should Know
Earned income tax Instructions for Form 8867 (12/2021) | Internal Revenue Service Oct 13, 2024 (ETC Penalty Waiver — Dec. 15, 2017) — Effective December 15, 2017, the requirement that the preparer have adequate procedures to verify each ETC return and claim does not apply to an individual who is using a virtual agent to prepare the claim (the individual is only required to file an electronic ETC application). For 2018, if you use an agent to prepare your claim, you are not subject to the compliance procedures if, by October 15, the agent has verified that the electronic ETC application is complete and accurate and returns with enough information to satisfy the verification requirements. Earned income tax Instructions for Form 8867 (12/2021) | Internal Revenue Service Oct 13, 2024 (ETC Taxable Earned Income Limit Expiration Date — Dec. 15, 2017) — Effective December 15, 2017, you do not have to provide information to the IRS or Treasury about the existence of any credits under section 23.
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