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 will cover the standards applicable to both the taxpayer and tax practitioner when the IRS determines whether to impose penalties.

The course will review 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.

Learning Objectives:

• Identify penalty standards for the preparer


• Identify penalty standards for the taxpayer


• Identify how the IRS determines these penalties