Gain a better understanding of how to avoid lawsuits surrounding professional liability.
This material will provide you background and best practices for avoiding professional liability related to the preparation of tax returns. The topics include a summary of situations that create potential malpractice liability, discussion of different standards applicable to CPAs preparing tax returns, and exposure to penalties and potential liabilities other than malpractice.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview of Professional Liability Claims
Professional Standards
- Circular 230
- AICPA Standards
IRS Penalties
- Monetary Penalties
- Section 6694
- Section 6695
- Section 6700
- Section 6701
- Section 6713
- Criminal Penalties
- Section 7206
- Section 7207
- Section 7216
- Injunctions
- Section 7407
- Section 7408
Best Practices
- Documenting Information Received From Client/Reliance on Others
- Documenting Tax Research
- Documenting Tax Return Positions
- Internal Review Procedures
- Correcting Mistakes
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 20, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jennifer Benda
Hall Estill
- Partner with Fox Rothschild LLP
- Former certified public accountant who focuses her practice on tax controversy, tax compliance and tax planning for clients with difficult and sophisticated tax issues
- Extensive experience handling cases involving IRS focused compliance regimes including for clients who invested in listed transactions, conservation easements, captive insurance arrangements, and clients who own marijuana businesses
- Experience as a CPA makes her uniquely qualified to address the issues of the marijuana industry, which are a unique blend of accounting and legal considerations
- Counsels accountants faced with professional liability issues
- J.D. degree, with honors, George Washington University Law School; M.S. and B.B.A. degrees in accounting, Texas A&M University
Nick Richards, Esq.
Greenspoon Marder LLP
- Tax attorney, partner, and co-chair of the Cannabis Law practice group at Greenspoon Marder, LLP
- Practice focuses on tax, cannabis, and regulatory compliance & defense
- Represents individuals and businesses in tax audits & trials, M&A, and managing tax debt
- Advises cannabis companies, owners, and investors on tax and regulatory compliance matters
- Over twenty years of experience as a tax attorney, starting with the IRS where he served as a leading trial attorney, Chief Counsel advisor, and Special Assistant United States Attorney
- Proficient in all phases of the tax system, from reporting and assessment to appeals, court representation, and tax debt resolution
- Teaches tax attorneys and CPAs nationwide and serves as an Adjunct Professor of Law at the University of Denver, Graduate Tax Program
- Recognized as a leading cannabis industry attorney with expertise in IRC Section 280E and BSA cash reporting requirements
- J.D. degree, Lewis & Clark College; B.A. degree, University of California, Santa Barbara
- Can be contacted at 720-370-1169 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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