Surgent's Ethics of Tax Return Preparation (ETX2)

Description

This two-hour course covers sanctions and limitations on both clients and practitioners arising out of the preparation of an income tax return.

Highlights

• What is the impact of the Emergency Economic Stabilization Act of 2008?
• Who is a tax return preparer?
• What is the difference between more-likely-than-not, substantial authority, realistic possibility, reasonable basis and a non-frivolous position?
• What Internal Revenue Code penalty provisions associated with positions taken on an income tax return apply to taxpayers?
• What Internal Revenue Code penalty provisions associated with positions taken on an income tax return apply to tax return preparers?
• What ethical considerations come into play under Circular 230 in connection with the conduct of a tax practitioner in connection with positions taken on an income tax return?

Objectives

• Identify who is a tax-return preparer and distinguish between a signing preparer and a non-signing return preparer
• Describe the accuracy penalty applicable to taxpayers and the substantial-authority standard generally applicable, as well as the more-likely-than-not standard applicable to tax shelters
• Quantify the tax-return-preparer penalty for an unreasonable tax position
• Comply with the adequate disclosure of tax positions when required
• State the sanctions the Service can apply for unethical conduct of a practitioner in connection with tax-return preparation

Designed For

CPAs desiring to satisfy the general professional ethics requirement in all states except those that require a state-specific ethics course (AK, AZ, DE, FL, ID, LA, MS, NJ, NY, OH, SC, TN, TX, UT, VA, WA, WY)