New regulation defines "reasonable basis."(Brief Article)
Author | Pflieger, Deborah J. |
On Nov. 8, 1996, the IRS issued proposed regulations defining "reasonable basis" for purposes of Sec. 6662's accuracy-related penalty.
Sec. 6662(b)(1) imposes a 20% accuracy-related penalty on the amount of any underpayment that is a result of negligence." Regulations under Sec. 6662 provide that a position with respect to an item is attributable to negligence if it lacks a reasonable basis." The term "reasonable basis" is important for purposes of the disregard and substantial understatement components of the accuracy-related penalty, neither will be imposed with respect to a position if a taxpayer adequately discloses the position and there is a reasonable basis for the position.
Existing regulations provide that the reasonable basis standard is "significantly higher than the not frivolous standard applicable to preparers." The newly proposed regulations add to this definition. The regulations note that the reasonable basis...
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