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Newly amended section 6694 significantly altered the playing field for all tax professionals. The revised statute puts in place a heightened standard for determining whether a penalty applies, creates potential conflicts with the penalty standards applicable to taxpayers, has generated concern over exactly who falls within the definition of "tax return preparer", and significantly increased monetary penalties. The new rules created confusion and concern among tax professionals, which the IRS sought to alleviate, first through last year’s transitional relief and more recently through publication of proposed regulations. This audio discussion focused on the history of Section 6694 and its corresponding regulations, specific changes in the new statute and proposed regulations, issues that have been created and resolved, concerns that remain, the scope of public comments and the expected timing finalization of the final regulations. Recorded on September 23, 2008, this audio event is available on CD for purchase.
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