Individuals preparing tax returns for 2021 are encouraged to take advantage of the abundance of resources NATP offers, including worksheets, charts and more.
Additionally, NATP offers a due diligence worksheet to help tax professionals ensure they are following the regulations required by the IRS. Tax preparers who fail to follow due diligence requirements may be subject to a penalty of $540 per failure (up to $2,160 per return) for returns and claims for refund filed in 2021.
Worksheets and checklists available for free to NATP members include: mid-year tax planning checklist, tax preparer worksheet, per diem rates, like-kind exchange worksheet, NOL allocation, NOL/AMTNOL calculation and carryover, partner’s outside basis, standard mileage rates and more.
These worksheets have been updated for 2021 to include information from the Coronavirus Aid, Relief and Economic Security (CARES) Act and the Consolidated Appropriations Act, 2021.
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