This two-hour course covers sanctions and limitations on both clients and practitioners arising out of the preparation of an income tax return.
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)
- 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.
- 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?