Avoiding Accuracy-Related Penalties on Individual Income Tax Returns
Journal of Financial Service Professionals
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.
Income tax, penalties
Schloemer, Paul G., "Avoiding Accuracy-Related Penalties on Individual Income Tax Returns" (2017). Business Administration Faculty Publications. 128.