On October 27, 2020, Michael Sardar presents a webinar entitled “Penalty Standards for the Taxpayer and the Preparer” for the CPA Academy.
When the IRS audits a taxpayer and determines that additional tax is due, the taxpayer may be subject to penalties in addition to the tax due. Further, the tax practitioner involved in preparing that tax return may also be subject to penalties. This course covers the standards applicable to both the taxpayer and tax practitioner when the IRS determines whether to impose penalties. Mr. Sardar reviews the relevant standards, including reasonable basis, substantial authority, and how to make adequate disclosure. Knowing and applying these standards will help the practitioner and taxpayer avoid IRS penalties.
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