; A Closer Look
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A Closer Look

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Notice 2008-13 establishes temporary rules for the application of the revised Section 6694 preparer penalty provisions that were enacted by the Small Business and Work Opportunity Tax Act of 2007. Notice 2008-12 provides an interim exception to the requirement, under Section 6695, that a preparer "sign" a federal tax return with regard to those federal returns that, prior to the new rules, did not provide for signature. If the taxpayer and the preparer are "in conflict," the taxpayer may make the disclosure decision for the preparer as long as the preparer has advised the taxpayer of the conflict between the preparer and taxpayer disclosure standards. Non-signing preparers are only required to advise a taxpayer of any possibility of avoiding penalties under Section 6662 by disclosure for lack of substantial authority, provided that there is reasonable basis for the advice. The notices provide that a substantial portion of a return or claim, including the preparation of a schedule, entry or other portion of a return that the preparer knows or should know is substantial, if adjusted or disallowed, would result in a significant tax deficiency determination.

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