IRS checking if practitioners filed returns
Article Abstract:
The IRS has taken steps to curb the incidence of nonfiling of tax returns among practitioners. As part of its nonfiler program, the IRS has issued guidelines on how erring practitioners can voluntarily disclose their failure to file under the Circle 230 disciplinary procedure. Under Circle 230, an erring practitioner who voluntarily cooperates with the IRS can be let off with a reprimand provided three mitigating factors are present: the willingness to report the nonfiling of taxes, submit correct tax returns for the nonfiling peiods, and settle outstanding obligations. The practitioner, after receiving a reprimand, must pledge not to diregard tax laws again in the future. Should the practitioner be found to do so, much heavier sanctions may be imposed, including being suspended or disbarred from practicing before the IRS.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1993
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Final regs. on time and place for audits
Article Abstract:
The IRS has recently issued final Regulations (TD 8469, 4/5/93) to assist IRS employees in determining when and where to conduct audits. According to the Regulations, examinations should be conducted during normal business hours disregarding seasonal fluctuations in the business of the taxpayers or their representatives. As to the place of the audit, the Regulations provide that the address written on the tax return of the business to be examined should be the first consideration in determining the place where the audit is to be conducted. Whether the examination will be an office or a field examination will depend on the tax return's complexity andon which audit type will prove to be more efficient. The Proposed Regulations will take effect for audits to be conducted after Apr 2, 1993.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1993
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Accuracy and preparer penalty prop. regs. aimed at practitioners
Article Abstract:
The IRS has issued Proposed Regulations dealing with Section 6662A accuracy related penalties and Section 6694 preparer penalties. The Proposed Regs cover negligence and disregard of regulations, substantial understatements of tax, and gross or substantial misstatements of valuation. The Proposed Regs do not cover understatements of estate or gift taxes, or overstatements of the liabilities of pension funds. Proposed Regs covering preparers levy penalties on the preparers of tax returns or refund claims for understatements of tax liabilities. The Proposed Regs stipulate that there will only be one preparer per firm per return or refund claim, but penalties may be levied on preparers that do not sign the return but offer advice to taxpayers..
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1991
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