This book provides a thorough review of the latest changes to the IRS return preparer penalty standards and the associated IRS guidance. In particular, you will learn about the applicable rules under IRS Circular 230, rules governing accuracy related and civil fraud penalties, and the recently enacted rules governing Practitioner Tax Identification Numbers (PTINs).
Summary of Contents:
Civil Tax Penalties on Taxpayers and Tax Return Preparers; The “Reasonable Cause” Defense; CIVIL TAX PENALTIES APPLICATION TO INDIVIDUALS AND PERSONS FILING INCOME TAX RETURNS THAT RESULT IN UNDERSTATEMENTS OF FEDERAL TAX; CHANGE IN TAX RETURN PREPARER PROVISIONS: SMALL BUSINESS AND WORK OPPORTUNITY ACT OF 2007, SECTION 8246 (P.L. NO. 110-28)(5/27/2007); CIVIL TAX PENALTIES AND SANCTIONS APPLICABLE TO TAX RETURN PREPARERS.; REVISIONS TO CIRCULAR 230 FINAL REGULATIONS; ATTORNEY-CLIENT PRIVILEGE; TAX PRACTITIONER-CLIENT PRIVILEGE SECTION 7525; ATTORNEY WORK PRODUCT DOCTRINE; DISCOVERY BY IRS OF TAX ACCRUAL WORKPAPERS AND FIN 48 OPINIONS AND WORKPAPERS; MAJOR REPORTED DECISIONS INVOLVING TAX ACCRUAL WORKPAPERS | PTIN Rules for Attorneys; Final PTIN Regulations -- TD 9501 (9/30/10); When are Attorneys Tax Return Preparers?; Application to In-House Professionals; Application to Paralegals and Legal Assistants; Procedure – See FAQs on the IRS Website; Penalties.
Number of Pages: 200