Dealing with the new return preparer penalties

Jones, George G.; Luscombe, Mark A.
November 2007
Accounting Today;11/5/2007, Vol. 21 Issue 20, p11
Trade Publication
The article explores the issues raised by the increase in tax return preparer penalties under the amended Small Business Tax Act for the upcoming tax filing season in the U.S. Information is presented on the transitional relief to be provided by the Internal Revenue Service to the tax return preparation industry. An overview of the changes in the definition of a tax return preparer under Code Section 7701(a)(36) is presented. It discusses the calculation of the penalty amounts for preparers.


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