The Internal Revenue Service has issued new guidance on implementing the recently amended tax return preparer penalty, which punishes tax preparers for taking "unreasonable positions" on tax liabilities.

Notice 2009-5 provides guidance on the preparer penalty modifications included in the financial bailout bill. The American Institute of CPAs has lobbied heavily to equalize the standards for tax preparers and their clients through several bills this year, until the revised standards were finally signed into law as part of the Emergency Economic Stabilization Act.

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