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Preparer Penalties have been on the rise and in a recent statistical release, the IRS has been abating nearly 40% of all the penalties assessed. In this course, we review the various Preparer Penalties and learning the role the IRS agents play in determining whether you will be assessed a penalty.

We also review the abatement process and the necessary Forms and documentation required to have the penalty abated. This online video self study course consist of basis, at risk limitations, single versus multiple activities, carry-forwards, Form 8582 and Dispositions.

This course is taught by Professor Arthur Reed and falls under the CE Federal Tax category.

Learning Objectives

Upon successful completion of this course the participant will be able to understand the following 10 tips regarding avoiding preparer penalties and:

  • Tip #1 Know if you are the preparer
  • Tip #2 Don't be a lazy preparer
  • Tip #3 Remember you are running a business
  • Tip #4 Document your steps
  • Tip #5 Don't disclose taxpayer information
  • Tip #6 Continually read about tax preparer penalties
  • Tip #7 Know what the IRS is thinking
  • Tip #8 Don't simply accept the penalty
  • Tip #9 Don't take risky clients and Tip #10 Fire your risky clients
  • Learn about 3 recent court cases

Understand the TIGTA Report

Last updated/reviewed: November 11, 2019

6 Reviews (15 ratings)Reviews

4
Anonymous Author
This was a very informative class. I appreciate the level of knowledge and range of resources used to help equip tax return preparers to be aware of and protect themselves against these penalties. The course was a little hard to follow due to the arrangement and sparse use of consistent captions for the materials presented. A few adjustments would make the material easier to follow and fit in the proper context within the discussion of each topic during the presentation.
4
Anonymous Author
Slides are preferable to watching a person speak. It would be easier reference for later as well. Otherwise, good information and good use of examples.
4
Anonymous Author
Very good refresher on tax preparer penalties. Very important for all tax professionals.
5
Member's Profile
It was a very informative and relevant course about the preparers' penalties.
5
Anonymous Author
Good informative, Learnt a lot, had couple of basic info as well
5
Anonymous Author
What a great topic....every module had loads of info and tips

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  5:29Introduction to Top Tips to Avoid Preparer Penalties
  9:20Tip #1 - Know if you are the preparer
  5:55Penalty Overview
  13:28Tip #2 - Don't get lazy
  5:31Tip #3 - Remember you are running a business
  4:45Tip #4 - Document your steps
  9:05Tip #5 - Don't disclose taxpayer information
  13:43Tip #6 - Continually read about tax preparer penalties
  4:32Review 3 current 6701 Court Cases
  11:55Review- TIGTA Report of 2013
  8:27Tip #7 - Know what the IRS is thinking
  6:37Tip #8 - Don't simply accept the penalty
  8:15Tip #9 - Don't take risky clients - Tip #10 - Fire your risky clients
CONTINUOUS PLAY
  1:47:02Top Tips to Avoid Preparer Penalties
SUPPORTING MATERIALS
  PDFTop Ten Tips to Avoid Preparer Penalties Glossary/Index
  PDFCivil Penalties
  PDFPreparer Penalties
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM