Due Diligence Update

Abstract

The article discusses the American Institute of Certified Public Accountants (AICPA) and its Tax Practice Responsibilities Committee's issuance of guidance regarding professional performance standards such as the exercising of due diligence in the preparation of U.S. tax returns as of May 2012. The AICPA's regulations regarding the preparation of an income tax return which claims an earned income tax credit (EITC) are also addressed.