- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 1.0
There are a multitude of penalties that may be imposed on the taxpayer and the tax return preparer for various infractions concerning the proper filing of Form 1040. This program will explain these penalties, including the requirements and/or procedures to avoid such exposure. Also incorporated into this program are the statutes of limitation regarding claims for refund and tax assessments, as well as the procedures for extending an individual income tax return, the procedures for filing an amended return, and the procedures for claiming a refund. This course is updated to reflect legislative changes included in the Tax Cuts and Jobs Act of 2017 (TCJA) signed into law by the President on December 22, 2017, including the due diligence requirement for filing as head of household filing status. Additionally, penalties which are indexed for inflation have been updated for 2018.
Upon successful completion of this course, the user should be able to:
differentiate between the various penalties that may be imposed on a taxpayer or a tax return preparer;
determine how an innocent spouse may qualify for relief from liability attributable to her/his spouse;
identify the statutes of limitation for claims for refund and tax assessments; and
recognize the procedures for extending the time to file an individual income tax return, amending an individual income tax return, and for applying for a refund of overpaid income taxes.