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Due Diligence Requirements for Certain Tax Benefits & Disallowance Rules
Concise Takeaway Paid tax return preparers must follow strict due diligence rules when preparing returns involving EIC, CTC/ACTC/ODC, AOTC, and Head of Household. Failure to comply results in a $635 penalty per failure, with no maximum limit. Taxpayers who improperly...
Income Exclusions
Certain types of income are not taxable. These exclusions reduce gross income without requiring...
Reporting Gains and Losses
Gains and losses fall into two broad categories: ordinary and capital. The classification...
Disposition or Sale of Property
A disposition occurs when a taxpayer sells, exchanges, abandons, or otherwise transfers property....
Basis of Property
Basis represents a taxpayer’s investment in property for tax purposes. It determines gain or loss...
Additional Income
Taxpayers report various types of income on Schedule 1 (Additional Income). These items may...
Business Income and Loss
A trade or business exists when the taxpayer engages in an activity with a profit motive and...
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