Bryan C. Skarlatos recently presented a webinar entitled “Ethical & Penalty Standards: Taking Positions on Tax Returns & Advising Clients” for the CPA Academy. This 2-hour webinar was originally offered on August 7, 2020, and re-broadcast on September 3 & 4, 2020.
Tax law is complicated and the answers are not always clear. When a client wants you to take a position on a tax return, such as reporting income as capital gain, or taking a deduction, how sure do you have to be that your position is correct? If the IRS audits the position, when can the client be subject to penalties? When can you, the preparer, be subject to penalties? When you are collecting information from your client, can you just accept what your client tells you, or do you have to audit the client’s representations? What are your ethical responsibilities under the Statements of Standards for Tax Services when confronted with unclear positions? This program addressed these and other questions. Participants received 2 CE credits.
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