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There are two potential parties who are subject to penalization for inaccurate or fraudulent tax returns filed with the IRS. Join Attorney Frank Rooney in this program that reviews the IRS’s standards for imposing such penalties, the types of penalties imposed, and the defenses that may be available. Mr. Rooney begins by discussing the penalties that tax preparers face (sections 6694 and 6695 of the Internal Revenue Code), and ways they can deflect penalties by having “substantial authority” for their position. His attention then shifts to the penalties that can be imposed on the taxpayer for failing to file a tax return, underpaying taxes, submitting inaccurate information, and committing fraud. The last part of Mr. Rooney’s presentation covers the ways in which the penalties can be abated or outright set aside if the circumstances permit. This course will be helpful to tax attorneys as well as tax preparers.

Learning Objectives:
I.     Section 6694 and 6695 Penalties for Tax Preparers
II.    Taxpayer Penalties 
III.   Penalty Abatement

Instructional Method: Self-Study