Tax Preparer Standard of Conduct - realistic possibility vs. more likely than not - John R. Dundon II, Enrolled Agent
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Tax Preparer Standard of Conduct – realistic possibility vs. more likely than not

Tax Preparer Standard of Conduct – realistic possibility vs. more likely than not

The Small Business and Work Opportunity Tax Act of 2007 heightened the standards of conduct that must be met by tax preparers from ‘nonfrivolous’ to ‘reasonable’ basis for disclosed positions and from ‘realistic possibility of success on the merits (33%chance that a position would be sustained) to reasonable belief that the position would more likely than not be sustained on the merits (greater than 50% chance that the position would be sustained) for undisclosed positions in order to avoid S. 6694(a) penalty

The 2007 Act also extended the application of the income tax return preparer penalties to include preparers of estate and gift tax, employment tax, and excise tax returns and returns of exempt organizations.



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