PROTECTING THE PRACTITIONER FROM NEW PREPARER PENALTIES AND ETHICAL STANDARDS BEGINNING ON JANUARY 1, 2008 (PPES)

Did you know that you could be fined $1,000 per tax return
or 50% of your fee, whichever is greater?

Recent changes in the Internal Revenue Code and the ethical directives of the Service have created stricter requirements on all persons who are tax return preparers. The Small Business and Work Opportunity Tax Act of 2007 and recently issued proposed regulations under Circular 230 have implemented a more-likely-than-not standard in determining the level at which tax positions may be taken by the return preparer with and without disclosure, and provided newand substantially heavier penalties to every income tax return filed beginning on January 1, 2008. No CPA can afford to begin the 2008 tax season without understanding these new provisions. This course examines these issues and discusses their impact on practice, client relations, and internal controls in tax return preparation. In the four-hour (seminar) version, many case studies are included to help illustrate key points.

Major topics:

• What is substantial authority that can be relied upon, and what does your staff need to know in doing tax research to avoid penalties?
• What must the accountant do differently from the realistic possibility standard?
• Why good faith practice may be the best defense
• Understanding how you can be subjected to multiple penalties for each K-1 you prepare
• Disclosure: Is the 8275 enough? When is it required? When will it not help?
• Expanded rules apply to all types of tax returns now
• Fee structures for return preparation
• Engagement letters: a dynamic process
• Special problems for non-signing preparers

Designed For : All CPAs who are involved in providing tax advice for use on a tax return and those that prepare tax returns for clients.

Level of knowledge : Basic

CPE Credit : 4 hrs. (live seminar), 2 hrs. (self-study download or textbook)

designation programs | live seminars | in-house seminars | self-study courses
state societies of CPAs | contact us | to order | about us | home

Surgent McCoy CPE, LLC
237 Lancaster Ave
Devon, PA 19333
(610) 688-4477
(610) 688-3977 (FAX)
info@cpenow.com