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IRS Issues Proposed Regulations on Tax Return Preparer Penalty Rules Under Sections 6694 and 6695

July 02, 2008

By Mark S. Lange and Cristiane R. Wolfe

On May 16, 2008, the Internal Revenue Service issued proposed regulations, which would further amend the tax return preparer penalties under Sections 6694 and 6695 and related provisions of the Internal Revenue Code of 1986, as amended. The Proposed Regulations will be applicable to returns and claims for refund filed (and advice given) after the date that final regulations are published in the Federal Register, but in no event sooner than December 31, 2008. The Interim Guidance therefore, is still in effect until that date.

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