Avoiding Tax Malpractice

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CCH, 2000 - Business & Economics - 310 pages
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Tax malpractice involves a real threat to the health and well-being of a tax practice and the tax practitioner. Legal and settlement costs, injury to reputation, and substantial disruption to one's practice and one's personal life are just a few of the painful consequences of such actions. Increasing exposures, escalating costs and growth in frequency of claims all suggest that prudent practitioners and firms need to address the issue before the issue addresses them.CCH's new Avoiding Tax Malpractice is not only a very important issue spotter and prevention guide for tax professionals, but is also very interesting reading. This insightful resource not only tells the reader how to avoid and limit tax malpractice problems, but it also educates the reader on a wide range of actual situations that have led to problems in the past. As noted authors Robert Feinschreiber and Margaret Kent reveal, knowing how to avoid tax malpractice is not necessarily an intuitive exercise on the part of practitioners, and some of the true causes for malpractice litigation will surprise many readers. The basics of this important and sensitive issue are patiently explained in the first part of the book, so readers have a context to understand the more detailed and specialized discussions that follow. Generous "how-to-avoid" practices are clearly discussed and practical guidance is delineated in helpful lists that are easy to understand and memorable. Insights on causes and cures is provided throughout. Avoiding Tax Malpractice moves from a general discussion of the basic issues and avoidance practices in the first chapter to a series of individual chapters dedicated to specific practice categories and related cases. These Chapters include: - Tax Compliance Malpractice - Tax Advice Malpractice - Corporate Tax Malpractice - Tax Shelter Malpractice - International Tax Malpractice - State Tax Malpractice - Compensation Issues - S Corporation Tax Malpractice - Estate Tax Malpractice - Divorce Tax Malpractice - E-Commerce Tax Malpractice Practitioners and those who advise tax practitioners will find the book extremely valuable, interesting and informative. Everyone involved in tax practice can benefit from the book's insightful discussions. This book will definitely be one of the more interesting reads of the year for many tax professionals.
 

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Contents

The Basics
1
Malpractice Reduction Procedures 106
7
Controlling Tax Malpractice Risk 107
14
Accounting Methods 215
20
What Types of Taxes Bring Malpractice? 108
21
Complexity and Cost Discourage Claims 113
27
Amended Tax Returns 205
38
Installment Sales 208
44
Sick Leave 803
177
Conclusion 807
185
S Corporation Distributions 903
192
Tort and Contract Claims 1003
198
Standards of Care 1006
204
Proof of Facts 1011
214
Statute of Limitations 1013
220
Multijurisdictional Issues 1014
227

Overpaid Taxes 216
63
Excise Taxes 224
70
Wage Compensation 304
77
Inventory Recapture 310
83
TaxExempt Entities 314
89
Corporate Liquidations 403
96
Code Sec 355 Distributions 404
112
Tax Shelter Malpractice
117
Real Estate Tax Shelters 504
123
Master Recordings 506
129
Research and Experimentation 510
146
Forward Contract Tax Shelter 512
152
FSCs 603
159
State Tax Malpractice
165
Property Tax 705
171
The Marital Deduction 1018
234
Property Valuation 1021
240
Disclaimers 1023
247
Late Filing and Payment 1025
254
Erroneous Returns 1026
260
Trust Taxation 1028
267
Personal Responsibility for Payment 1031
273
Divorce Tax Malpractice
279
Property Distribution or Alimony? 1104
285
Developing ECommerce Issues 1204
291
Index
301
Code Sec 368alB Acquisitions 405
302
Innocent Spouse Payments 212
306
Copyright

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About the author (2000)

Robert Feinschreiber is a partner in Feinschreiber & Associates in Key Biscayne, Florida. As a tax professional, Mr. Feinschreiber has been engaged in arcane tax areas including DISC, FSC, the research credit, transfer pricing, allocation and apportionment of deductions, depreciation, inventory costing, and state taxation. As a tax malpractice professional, Robert Feinschreiber focuses on estate tax malpractice, corporate tax shelter malpractice and similar tax malpractice claims. Robert Feinschreiber is a graduate of Trinity College in Hartford, Connecticut, holds an M.B.A. from Columbia University, an LL.B from Yale University, and an LL.M in taxation from New York University. Margaret Kent is a partner in Feinschreiber & Associates in Key Biscayne, Florida. As a tax professional, Ms. Kent has been engaged in a number of arcane tax areas including Latin American transfer pricing, escheat, estate planning, and audit techniques. As a tax malpractice professional, Margaret Kent focuses on spoliation of evidence. Margaret Kent is a graduate of Barry University, holds a M.A. from Instituto Tecnologico de Estudios Superiores de Monterrey, Mexico, and a J.D. from the University of Miami.

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