Ethics in Federal Tax Practice

General Description:

This course provides two hours of ethics credits and covers topics related to federal tax practice.

Learning Objective:

After completing this course the participant will be able to:

• Describe the overall ethical considerations that apply to tax return preparers and explain when a PTIN is required.
• Discuss the requirements for e-filing and explain the exceptions.
• Explain when Circular 230 applies to a tax return preparer and summarize the specific rules that apply to all tax return preparers.
• Discuss substantial authority and reasonable basis.
• Explain the penalties under §6662 that are imposed on a client, including the negligence penalty and the definition of a substantial understatement.
• Describe the filing requirements of Form 8938, Statement of Specified Foreign Financial Assets and FinCEN 114, Report of Foreign Bank and Financial Accounts (FBAR).
• Describe the basics of the Economic Substance Doctrine.
• Describe the difference in the tax return preparer penalty under §6694 between an understatement due to an unreasonable position and an understatement due to wilful or reckless conduct.
• Summarize the tax return preparer penalties under §6695 that apply to failing to sign a return, failing to furnish a copy of the return to the client, failing to retain a copy of the return, negotiating a client refund check, and failing to be diligent in determining eligibility for the Child Tax Credit, American Opportunity Tax Credit, and Earned Income Tax Credit.

Instructors:

Rex A. Logemann, J.D., LL.M. in Taxation, is a professor in the Graduate Tax Program at the University of Denver and co-author of the AES Tax Update manual. Mr. Logemann specializes in individual taxation, estate and gift ­taxa­tion, and civil practice and procedure. Before coming to Denver he was a partner in a Chicago law firm.

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