Overview
This two-hour course covers sanctions and limitations on both clients and practitioners arising out of the preparation of an income tax return.
Major Topics:
- What is the impact of the Emergency Economic Stabilization Act of 2008?
- Who is a tax return preparer?
- What is the difference between more-likely-than-not, substantial authority, realistic possibility, reasonable basis and a non-frivolous position?
- What Internal Revenue Code penalty provisions associated with positions taken an income tax return apply to taxpayers?
- What Internal Revenue Code penalty provisions associated with positions taken an income tax return apply to tax return preparers?
- What ethical considerations come into play under Circular 230 in connection with the conduct of a tax practitioner in connection with positions taken on an income tax return?
Learning Objectives
- Identify who is a tax-return preparer and distinguish between a signing preparer and a non-signing return preparer;
- Describe the accuracy penalty applicable to taxpayers and the substantial-authority standard generally applicable, as well as the more-likely-than-not standard applicable to tax shelters;
- Quantify the tax-return-preparer penalty for an unreasonable tax position;
- Comply with the adequate disclosure of tax positions when required; and
- State the sanctions the Service can apply for unethical conduct of a practitioner in connection with tax-return preparation.
Designed for:
CPAs desiring to satisfy the general professional ethics requirement in all states except those that require a state-specific ethics course (AK, AZ, DE, FL, LA, MS, NJ, NY, OH, SC, TN, TX, VA, WA, WY)
Prerequisite:
None
Advanced Preparation:
None