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| The CPA has to sign the return as the preparer and is bound by Circular 230 which says he will not sign a return that he/she knows or reasonably should know contains a position that lacks a reasonable basis. The CPA could be in big trouble if an election is taken and then the client is audited and is found to not be in compliance with the election.
They told me they are not in a position to verify every clients accounting proceedures. There fore, no elections is the safe route. | |
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Update on IRS Tangable Property Regulations
