Video: Internal Revenue Code and Tax Return Preparation Regulations Overview

In this lesson, Nick Palazzolo, CPA, takes a deep dive into the foundational elements of the Internal Revenue Code and the regulations surrounding tax return preparation. With a mix of humor and expertise, he explains the various authoritative bodies, including state boards of accountancy, AICPA, and others, emphasizing their roles and the importance of complying with their standards. Nick navigates through the identification of tax return preparers, the implications of obtaining a PTIN, and the consequences of penalties for both tax preparers and taxpayers. He also covers the calculations of penalties, the application of them to real-world scenarios, and the regulations for practicing before the IRS. Equipped with practical examples and clear explanations, this lesson sets the stage for understanding how tax forms operate as essential tools for tax preparation, while also preparing for the ever-evolving landscape of tax law.