About this Course
The Internal Revenue Code (IRC or the tax code) abounds with specific provisions covering a wide range of taxpayer and tax return preparer conduct. Some are relatively simple and some are mind-numbingly complex. The primary purpose of penalties is to encourage voluntary compliance with the rules imposed by the tax code. This course examines penalties relating to both informational returns and income tax returns, exploring the types of erroneous information provided to the IRS that have civil consequences.
Upon completion of this course, you will be able to: Recognize what penalties may be imposed for failure to file accurate information properly and on time; Identify the types of penalties applied for failure to file or pay with tax returns; Recognize the types of intentional fraud; and Identify situations in which interest is imposed on tax not paid.