The Internal Revenue Service has issued proposed regulations implementing amendments to the tax return preparer penalties.

The proposed regulations amend existing regulations defining income tax return preparers to broaden the scope of that definition to include preparers of estate, gift, and generation-skipping transfer tax returns, employment tax returns, excise tax returns, and returns of exempt organizations. The proposed regulations also revise the current regulations to amend the standards of conduct that must be met to avoid imposition of the tax return preparer penalty under Section 6694.

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