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Tax return preparer penalties Form: What You Should Know
The Department of the Treasury (Treasury) is using the Due Diligence (DT) process to investigate tax return preparers (including tax return preparers, tax return preparer representatives) with respect to the preparation and filing of their clients' tax returns. Section 6695(g) provides information regarding the penalties for tax return preparers that misrepresent information in tax return preparers' Form 8867. We're all responsible for our own tax preparation but if you're a tax preparer you're a taxpayer's only hope for compliance with the tax laws. The Preparer Fraud or Misconduct Penalties of Sec. 6654 No penalties shall be imposed under this section, with respect to the disclosure made to the Department of Treasury, if the disclosure involved willful misrepresentations as to any matter material to the preparation of the return. Sec. 6654 Penalties — Federal — Topics We're all responsible for our own tax preparation but if you're a tax preparer you're a taxpayer's only hope for compliance with the tax laws. If you prepare taxes for others, you might be in trouble with the IRS. Here are some of the penalties that can be imposed on tax return preparers. We recommend that you file a Form 8867 if you expect to be treated differently than most taxpayers for tax planning purposes. You can find an example of a complete Form 8867 here. The penalty for a false or fraudulent statement is 50 for each false statement that knowingly and willfully fails to be due care to state or provide sufficient information when furnishing the false or fraudulent tax return information or information which is not required by the regulations. If you are responsible for preparing tax returns for others, you might be in trouble with the IRS. The Preparer Fraud or Misconduct Penalties of Sec. 6620 Section 6620 You commit false or fraudulent information in connection with preparation of any return. Any person who prepares any Form or schedule required by this title shall make a statement of the tax effect of every item and class of items in the return to the time it is filed. This subsection does not apply to any return prepared by a tax return preparer for the use of his own employees.
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