IN VIEW OF NEW PREPARER PENALTIES, I AM ATTEMPTING TO REARRANGE SOME OF THE DATA TO HIGHLIGHT SOME OF
THE NEW TAX CHANGES FOR 2007. I NOTE THAT WITH THE GEAR-UP SAMPLE THEY ARE SAYING 7 YEARS FOR RETENTION
OF RETURNS, WORKPAPERS, ETC BY THE PREPARERS, AND THEN ONLY 4 YEARS FOR THE CLIENTS. I'VE ALWAYS TOLD
BUSINESSES TO RETAIN THEIR RECORDS UNTIL THEY DISPOSE OF THE BUSINESS. THIS WAS EXTREMELY BENEFICIAL
SEVERAL YEARS BACK WHEN I HAD TO PREPARE A 3115. ANY COMMENTS ON THE RETENTION BIT; OR IN REGARDS TO
A REVITALIZED ENGAGEMENT LETTER?
