2017 PREPARER PENALTIES

[Lee B]

COPIED FROM CPA PRACTICE ADVISOR:

 

Tax return preparers also are subject to a number of penalties that are adjusted for inflation. These 2017 projected penalty amounts are shown below. Projected amounts for other penalties are included in the full report.

Scenario	Penalty Per Violation	Maximum Penalty
Failure to Furnish Copy to Taxpayer	$50	$25,500
Failure to Sign Return	$50	$25,500
Failure to Furnish Identifying Number	$50	$25,500
Failure to Retain Copy or List	$50	$25,500
Failure to File Correct Information Returns	$50	$25,500
Negotiation of Check	$510	No limit

[Jack from Ohio]

I love posts that are presented as facts but start by using the word "projected." and the source is not even the IRS.

 I have lived through the end of the world 26 times.  

Why not publish documentation when the IRS has levied any of the penalties?  I have more important subjects to be concerned with.

No one that would be eligible for all these "projected" penalties will be on this website.

[SFA]

Never hurts to be reminded of the basics and to reinforce our knowledge, even if the information is a projected adjustment to the existing penalties. It's often the simple mistakes that blindside us.