Tax practitioners are required to master complex technical tax issues in order to prepare tax returns and give tax planning advice to clients. With this complexity comes the risk of making a mistake that will generate a lawsuit against the tax professional based on malpractice. This program will familiarize the tax practitioner with the legal standards relating to malpractice, and cover by way of illustration “horror stories” involving tax practitioners whose lack of technical understanding and/or lack of common sense led them, and their clients, into disastrous situations potentially involving penalties and large tax liabilities.
- Legal standards applicable to establishing grounds for bringing a malpractice action against a tax preparer or tax advisor
- Defensive measures tax practitioners can take to mitigate or eliminate exposure to malpractice lawsuits
- Tax practitioner “horror stories” that illustrate what tax practitioners should try to avoid at all costs
- Understand the types of transactions that give rise to malpractice lawsuits brought against tax advisors
- Take steps to limit exposure to an action in malpractice brought by a tax client
Any tax practitioner wishing to be aware of the types of tax transactions that give rise to malpractice actions against tax advisors; any tax practitioner who wants to take steps to limit his or her exposure to malpractice lawsuits
A basic understanding of the tax rules relating to individual income tax