In this course we will cover important federal and state tax developments in the current year affecting individuals, families, employees, investors, and those who provide consultation or tax preparation services for them. Developments covered in this course include new laws passed by Congress, important tax cases, and guidance from the Treasury Department and the IRS.
The IRS has dramatically increased its arsenal for selecting returns for audit, auditing tax returns, regulating tax preparers, and penalizing both taxpayers and tax preparers. The economic substance rule is now in the Internal Revenue Code, as well as enhanced penalties related to economic substance issues.
The IRS is committed to using penalties more aggressively in its enforcement of the tax law - penalties on the taxpayer and on the preparer. For individual tax matters, the IRS assessed accuracy related penalties on eight times as many taxpayers in 2010 as in 2005 -- over $1,000,000,000 in accuracy related penalties were assessed on about 470,000 taxpayers in 2010. The IRS will have agents visiting preparers with high error rates, and will have undercover agents making shopping visits to preparers suspected of preparing fraudulent returns.
In addition to the topics described above, this course will cover the latest information on regulation of tax preparers, major tax penalties and recent cases that show how to avoid such penalties.
Advisory Board
Course curriculum is developed in consultation with our Professional Development Advisory Board of subject matter experts, faculty, and industry practitioners. Click here to view the members of our Professional Development Advisory Board.
