IRS Updates Accuracy-Related Penalty Guidance

IRS Updates Accuracy-Related Penalty Guidance

Internal Revenue Service

The IRS has updated guidance (Rev. Proc. 2019-42) on whether the disclosure on a taxpayer’s income tax return regarding an item or position is adequate for the purpose of reducing the understatement of income tax under <a href="/research/federal/usc26/6662#cp79-0000013" resolve="/lr/resolve//cp79#cp79-0000013">section 6662(d)</a> and avoiding the tax return preparer penalty under <a href="/research/federal/usc26/6694#cq4w-0000002" resolve="/lr/resolve//cq4w#cq4w-0000002">section 6694(a)</a>. Rev. Proc. 2019-42 updates <a href="/lr/resolve//28q09">Rev. Proc. 2019-9</a>. Editorial changes have been made throughout the revenue procedure. Minor changes have also been made to update the tax years and tax forms to which Rev. Proc. 2019-42 applies. No additional substantive changes have been made.

The IRS has updated guidance (Rev. Proc. 2019-42) on whether the disclosure on a taxpayer’s income tax return regarding an item or position is adequate for the purpose of reducing the understatement of income tax under section 6662(d) and avoiding the tax return preparer penalty under section 6694(a).

The IRS has updated guidance (Rev. Proc. 2019-42) on whether the disclosure on a taxpayer’s income tax return regarding an item or position is adequate for the purpose of reducing the understatement of income tax under section 6662(d) and avoiding the tax return preparer penalty under section 6694(a). Rev. Proc. 2019-42 updates Rev. Proc. 2019-9. Editorial changes have been made throughout the revenue procedure. Minor changes have also been made to update the tax years and tax forms to which Rev. Proc. 2019-42 applies. No additional substantive changes have been made.

Sec. 6662 Imposition of accuracy-related penalty on underpayments

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IRS Updates Accuracy-Related Penalty Guidance