Description
Gain a better understanding of how to avoid lawsuits surrounding professional liability.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.
Date: 2019-05-20 Start Time: End Time:
Learning Objectives
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
Jennifer Benda-Hall Estill, Nick Richards, Esq. – Greenspoon Marder, LLP
