and Circular 230 Standards
CD of Teleconference with Q&A
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and Sales & Use Tax Monitor
The U.S. government's new regimen of tax return preparer penalties is much more than straightforward penalty increases applied to a few new returns. Accountants who have long faced possible penalties if they sign income tax returns with too-aggressive positions also face new conduct standards.
Effective with returns due starting in January 2008, return preparer penalties also apply to federal estate and gift, employment and excise tax returns. Those penalties have jumped as much as five-fold. Meanwhile, new Circular 230 regs set a "more likely than not" standard for tax return positions.
New penalties address filing erroneous refund claims. Return preparers -- who can include not just the signers of returns but accounting firm and client employees who work on them -- must navigate significantly more treacherous waters with the IRS.
Listen as our panel of veteran accounting and tax professionals bottom-lines the new tax return preparer environment and what it means for accountant-client relationships.
The panel included:
Mark Lange, Tax Partner,Paul Hastings Janofsky & Walker, Atlanta. He focuses on transactional tax issues involving M&A, joint ventures, partnerships and other business combinations. He represents multi-national companies in the telecom, high-tech and other industries.
Fred Murray, Director of Tax Practice Policy and Quality Group, Grant Thornton, Washington, D.C. Previously, he was assigned to tax positions at the Justice Department, IRS, National Foreign Trade Council and Tax Executives Institute. He also chaired the ABA's Tax Policy Formation Committee.
Walter Goldberg, Executive Director, Tax Practice, Grant Thornton, Washington, D.C. He has more than 20 years of federal tax controversy experience and also advises clients on ADR, penalty and disclosure issues. Previously, he was a Big Four firm Tax Partner and an IRS Staff Attorney.
Rich Brown, Tax Partner, BDO Seidman, Chicago.
The panel explained and prepared you to react to these and other key issues:
- Who at accounting firms and tax clients could meet the definition of "return preparer" under the new rules, and what kinds of returns are covered and when.
- How to deal with the new standards of conduct for preparing returns with understated tax liabilities.
- Options for dealing with problematic returns: Resigning as the preparer, persuading tax clients to either report an aggressive position or stop claiming it.
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TELECONFERENCE CD
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