Michael Sardar presented a webinar entitled "Penalty Standards for the Taxpayer and the Preparer" for The CPA Academy on June 11, 2020

When the IRS audits a taxpayer and determines that additional tax is due, the taxpayer may be subject to penalties in addition to the tax due. Further, the tax practitioner involved in preparing that tax return may also be subject to penalties. This course covered the standards applicable to both the taxpayer and tax practitioner when the IRS determines whether to impose penalties. Mr. Sardar reviewed the relevant standards, including reasonable basis, substantial authority, and how to make adequate disclosure.  Knowing and applying theses standards will help the practitioner and taxpayer avoid IRS penalties.

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