Navigating the complexities of the accuracy-related penalty

03/13/2013 | Tax Adviser, The

Calculating the accuracy-related penalty for substantial understatements of tax under Internal Revenue Code Section 6662 may seem straightforward and easy, but various defenses, coordination with other penalties, and carryback and carryover implications can quickly cause complications. Tax practitioners must therefore be careful when computing and verifying penalty amounts. This article provides insights -- and several examples -- to help practitioners understand the complexities of calculating the accuracy-related penalty.

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Tax Adviser, The

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