Question

What are the available commercial and noncommercial tax resources that you could utilize as a tax practitioner?

Which commercial resource do you think is the most beneficial to a tax practitioner?

Which noncommercial resource do you think is the most beneficial to a tax practitioner?

How might you use the tax research process for utilizing tax resources in preparing individual tax returns

Answer 1

The available commercial and noncommercial tax resources that could be utilized as a tax practitioner are :

1.Legal Information Institute,

2. Legalbitstream,

3. IRSCalculators.com

4. Tax preparation software

5. www.irs.gov.in

Commercial resource which is the most beneficial to a tax practitioner is Tax preparation software

Noncommercial resource which is the most beneficial to a tax practitioner is www.iris.gov.in

The tax research process for utilizing tax resources in preparing individual tax returns is:

Tax research is the process of solving tax-related problems by applying tax law to specific sets of facts. Tax research also is conducted to determine the tax consequences of transactions to specific taxpayers. Tax laws can be checked with irs.gov.in

To be familiar with the applicable standards for providing such advice, including Circular 230, the AICPA’s Code of Professional Conduct, and the AICPA’s Statements on Standards for Tax Services (SSTSs).

To keep excellent documentation of all tax research in accordance with these standards.