Ethics in Federal Tax Practice (165)

General Description:

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

Learning Objectives:

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:

Isaac L. Lodico is a professor and interim director of the Graduate Tax Program at the University of Denver, teaching Natural Resources Taxation, Civil & Criminal Tax Procedure, and Consolidated Tax Returns. He earned an LL.M. in taxation from the Graduate Tax Program, J.D. and a graduate research fellowship from Hastings College of the Law, and B.A. from the University of Colorado. He is licensed as an attorney in Colorado and California.

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