February Study Group: Tax Preparer Penalties and Liability Exposure
Friday, February 07, 2025, 1:00 PM - 3:00 PM EST
Category: Study Group
Friday, February 7, 2025 10:00am - 12:00pm Pacific // 1:00pm - 3:00pm Eastern
Tax Preparer Penalties and Liability Exposure
Class presented by: James J. Rigos, JD, LL.M, CPA Chair of the National Ethics and Dual Practice Committee of the American Academy of Attorney-CPAs
Program Description This 2-hour CPE – CLE course reviews the IRS’s Publication 230 official IRS Statements of Tax Responsibility (SSTS) that apply to the professional advisor and/or preparer of an IRS tax return. Increasingly “preparer penalties” are used to punish responsible “federal tax return preparers” who take a (too) aggressive position in client reporting. This may create a conflict of interest between the CPA and their client, who might use the IRS as evidence in asserting claims against the preparer. Upstream tax shelter syndicators may also have liability but this course focuses in on the government treatment of the actual tax return preparers who signed the return
Learning Objectives
- The IRS’s expanded “preparer penalty.”
- The possible 5%+ penalty is the minimum amount that the preparer must pay personally.
- The desirable protective Engagement Letter provisions detailing the risk relationships between the professional and their tax client.
Education Credits 2.0 Legal (M)CLE credit
Cost No charge for AAA-CPA members; $40 for nonmembers No charge for Rigos students; use coupon code to waive the fee; CE credit not provided for students
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