IRS Updated Revenue Procedure for Reducing or Avoiding Understatement Penalties and Tax Return Preparer Penalties
By EsqSocial Corporation 28/01/21
Recently, the IRS issued Revenue Procedure 2020-54, which updated Revenue Procedure 2019-42. Specifically, this new Revenue Procedure identifies circumstances under which the taxpayer makes an adequate disclosure on a taxpayer’s income tax return regarding an item or position for the purpose of reducing the understatement of income tax under section 6662(d) of the Internal Revenue Code (relating to the substantial understatement aspect of the accuracy-related penalty), and for the purpose of...
By: Freeman Law