The new civil tax penalty structure.
Journal of Accountancy › Vol. 170 Nbr. 2, August 1990
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The new civil tax penalty structure.
When Congress passed the Omnibus Budget Reconciliation Act of 1989, one of its many elements was subtitle G, the Improved Penalty Administration and Compliance Tax Act. Subtitle G contained a new penalty structure that governs both taxpayers and tax return preparers and applies to returns due, positions taken, documents prepared and activities after December 31, 1989. This article provides an overview of this new, stricter structure and analyzes what impact the changes will have on tax practitioners, who now must exercise a new standard of car...
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