Overview
Tax preparers and advisors are increasingly burdened with expanded regulation and penalty exposure for themselves and their firms or institutions. Tax departments have moved from being a profit center to being a center for risk management. This OnDemand Webinar will help you understand the current requirements and risks for tax preparers and advisors. The program will cover the obligations of both the individual tax preparer or advisor and the obligations of the preparer or advisor’s firm or institution.
Authors
Paul Carman, Chapman and Cutler LLP
Self Study Credit - OnDemand Webinar
| CLE | 1 | PA | |
| CLE | 1.25 | NC | |
| CLE | 1.47 | TN | |
| CLE | 1.5 | AK, AL, AZ, CA, HI, IL, MS, MT, ND, OR, VA, VT, WA, WI | |
| CLE | 1.8 | MO, WV | |
| CLE | 2 | CO | |
Self Study Credit - CD & Reference Manual
| CLE | 1.5 | AK, AZ, CA, GA, HI, ME, MT, ND, NV, OR, UT, VT, WA | |
| CLE | 1.8 | MO, WV | |
| CLE | 2 | CO | |
Self Study Credit - Podcast
| CLE | 1.5 | AK, CA, ME, MT, ND, NV | |
| CLE | 1.8 | MO, WV | |
Agenda
Regulation of Practitioners Under Circular 230, Generally
- The Scope of Practitioner
- Nonpractitioner Preparers
- The Obligations of Practitioners in the Preparation of Returns
Obligations of Signing and Nonsigning Preparers Under I.R.C. §6694
- Substantial Authority for Positions
- Disclosed Positions, Generally
- Tax Shelters and Reportable Transactions
Disclosure of Taxpayer Information
- Situations in Which Consent of the Taxpayer Is Not Required
- Situations in Which Consent of the Taxpayer Is Required
- The Requirements of the Form of Consent
Additional Requirements for Reportable Transactions
- Material Advisors
- Disclosure Obligations
- Recordkeeping Obligations
The Obligations of the Firm or Institution to Ensure Compliance
- Covered Opinions
- Reportable Transactions
- Potential Penalties
