Building on the prior session, this panel will discuss the various voluntary disclosure programs available to taxpayers who wish to remedy prior omissions while minimizing penalty exposure. The panelists will also review accuracy-related penalties, preparer penalties and other "miscellaneous" penalties such as those imposed for erroneous refund claims. Lastly, the session will cover best practices for documenting facts and tax positions to put you and your clients in the best position to defend against potential penalties.
Identify the voluntary disclosure programs that may be used to avoid penalties
Describe other common (and less common) penalties assessed by the IRS
Understand how contemporaneous documentation can help tax practitioners and clients defend against penalties