The Internal Revenue Service position on Circular 230 monetary penalties has generated concern and comments from the American Institute of CPAs, while the American Bar Association Tax Section intends to submit its own comments on the matter.The penalties were announced in Notice 2007-39 earlier this year to implement Section 822 of the American Jobs Creation Act of 2004, which expanded the sanctions that the IRS can impose for certain prohibited conduct to include monetary penalties.
"They could have issued regulations, but they chose to issue a notice," said Gregory M. Fowler, of the PricewaterhouseCoopers national office and a member of the AICPA Tax Practice Responsibilities Committee.
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