Checkpoint Contents Federal Library Federal Editorial Materials Tax Planning & Practice Guides (Special Studies) 2008 Highlights of the Tax Provisions Included With the Emergency Economic Stabilization Act of 2008 Chapter 6 NEW TAX PROVISIONS 603 Preparer penalty eased. Tax Planning & Practice Guides¶603. Preparer penalty eased. Legislation enacted as part of the Small Business and Work Opportunity Tax Act of 2007 broadened the scope of the preparer penalty by applying it to all tax return preparers and altered the standards of conduct a tax return preparer must meet in order to avoid the imposition of penalties for the preparation of a return with respect to which there is an understatement of tax. A tax return preparer could be penalized for preparing a return on which there was an understatement of tax liability as a result of an “unreasonable position.” Any position that a return preparer did not reasonably believe was more likely
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Belief, All rights reserved, The Return, Emergency Economic Stabilization Act of 2008, tax return preparer