This material will provide you background and best practices for avoiding professional liability related to the preparation of tax returns.

The topics include a summary of situations that create potential malpractice liability, discussion of different standards applicable to CPAs preparing tax returns, and exposure to penalties and potential liabilities other than malpractice.What You'll Learn:Overview of Professional Liability Claims

Professional Standards

• Circular 230
  
• AICPA Standards

IRS Penalties

• Monetary Penalties
  
• Section 6694
  
• Section 6695
  
• Section 6700
  
• Section 6701
  
• Section 6713
  
• Criminal Penalties
  
• Section 7206
  
• Section 7207
  
• Section 7216
  
• Injunctions
  
• Section 7407
  
• Section 7408

Best Practices

• Documenting Information Received From Client/Reliance on Others
  
• Documenting Tax Research
  
• Documenting Tax Return Positions
  
• Internal Review Procedures
  
• Correcting Mistakes