Business Administration Faculty Publications

Avoiding Accuracy-Related Penalties on Individual Income Tax Returns

Document Type

Article

Publication Date

9-2017

Journal Title

Journal of Financial Service Professionals

ISSN

1537-1816

Volume

71

Issue

5

First Page

90

Last Page

96

Abstract

The accuracy-related penalty of Internal Revenue Code (IRC) Sec. 6662 has been a frequent source of contention between taxpayers and the IRS. Thus, financial and tax advisors should have a basic knowledge of this law and be aware of successful strategies for avoiding this penalty. This article defines situations in which the IRC Sec. 6662 penalty applies and reviews recent court decisions to provide clarification on the standards taxpayers must meet to avoid this penalty.

Keywords

Income tax, penalties

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