A recent Accounting Today article provides helpful tips to assist tax preparers in completing tax returns error-free. The article highlights the importance of obtaining a Preparer Tax Identification Number (PTIN) and accuracy-related penalties under § 6662 of the IRC that apply to taxpayers. A new addition to this section enforces a 40% penalty on any portion of an underpayment attributable to an undisclosed transaction that lacks economic substance in § 6662(b)(6). The author also explains penalties applied to tax preparers in § 6694, clients' reporting of foreign assets, the requirement to sign every prepared return, and information disclsoure requirements.
See Patricia Dampf, "Steering through the Busy Tax Season Without Getting Pulled Over" www.accountingtoday.com (Mar. 29, 2012).
Posted by Theresa Androff, Associate Editor, Wealth Strategies Journal
See Patricia Dampf, "Steering through the Busy Tax Season Without Getting Pulled Over" www.accountingtoday.com (Mar. 29, 2012).
Posted by Theresa Androff, Associate Editor, Wealth Strategies Journal
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