IRS issued Revenue Procedure 2008-14 for the purpose determining the sufficiency of tax returns resulting in avoidance of penalties for underpayments of tax, and penalties against tax preparers for irregularities in tax returns. This procedure will cover periods beginning December 31, 2007, including 2008 returns using 2007 forms. Taxpayers, accounting firms, financial advisers, and companies who employ tax preparers should be strongly familiar with this amendment to avoid being sanctioned for possible violation of the restrictions mentioned.
The Knowledge Congress is producing a two-hour webinar featuring a panel of distinguished experts who will share their views on the topic.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 083758
Christopher S. Rizek
Member
Pete Wilson
National Managing Director of Tax Quality Control
Brian C. Bernhardt
Partner
- Background: Statute history, changes, interim guidance, proposed regs
- Returns Subject to Section 6694
- Preparer definition (planning advice, nonsigning preparers, substantial portion)
- Accuracy/disclosure standards/rule for signing preparer and for non-signing preparer
- Due Diligence - Reliance on Third Party Information
- Due Diligence - Industry Practice Rule and Standards of "reasonableness" in different places
- Changes to One Preparer Rule
- Related issues: multiple penalties per item/return; gross income allocation rule
- Related issues (Circular 230, OPR referral, 2007-39 stacking) and Risk management considerations
- Attorneys
- Accountants
- Corporate Tax Directors and Staff
- Senior Tax Managers
- Tax Partners
This is a must attend event for anyone interested in understanding Section 6694.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A