Sidney Kess, Esq., CPA, of counsel to Kostelanetz & Fink LLP, received the Institute's 2015 Personal Financial Planning Distinguished Service Award, which is granted annuaily to a member whose volunteer efforts have made significant contributions to the growth and advancement of the personal financial planning profession.
As a CPA or tax lawyer, your client relies on your advice. You may believe that by relying on your advice, your client is protected against the assertion of penalties by the IRS. In fact, the Supreme Court, in United States v. Boyle, said that when an accountant or attorney advises a taxpayer on a matter of tax law, it is reasonable for that taxpayer to rely on that advice, without seeking a second opinion or personally monitoring the tax law.
By Sidney Kess
New York Law Journal
November 2010 Edition
Earlier this year, the IRS announced that it was proposing new registration, testing, and continuing education requirements for tax return preparers (IR-2010-1, 1/4/10). The IRS has now begun to implement these requirements. The IRS has also stepped up criminal investigations of tax return preparers believed to have assisted in the filing of fraudulent returns.