Video: Internal Revenue Code and Tax Return Preparation Regulations Summary

In this lesson, Nick Palazzolo, CPA wraps up a comprehensive discussion on the various entities of authority in tax regulation, such as the IRS and AICPA, and their roles in the context of tax return preparation. Emphasizing the need to understand the criteria that define a tax return preparer, he also delves into the conditions that could lead to penalties for both preparers and taxpayers. With a focus on the practical application, Nick guides through the calculation of taxpayer penalties related to federal returns and advises on applying these concepts to potential preparer penalty scenarios. The conversation includes tips for staying up-to-date with tax law changes and interpreting the rationale behind these changes to enhance problem-solving skills on the exam. Nick closes the lesson by encouraging a high level of energy and discipline, setting the stage for continued success in upcoming lessons.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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We got our first lesson down. Yo, you all are doing great. Keep up the good work. I know this one was pretty hefty. Make sure you're practicing multiple choice questions in SIMS as we're going through. Let's wrap up what we saw. We wanna understand and be able to explain the role of all of these different entities, authorities, state boards, everything like that. What can the IRS do? What can the AICPA do? Make sure you're familiar with that. We also wanna recall who is a tax return preparer. Hint, hint, all you need is a PTIN and good sense of mind, right? You can't be incompetent there. And talk about situations in which there will be penalties for these preparers. Very sad, you know, sometimes we do have penalties. We also wanna recall situations that would result in taxpayer penalties. We've got, that's gonna be throughout. We've got a few lessons and some of them are gonna cover those points. Tax preparer, taxpayer penalties. Unfortunately, we do have penalties in life. If I made the rules and I know you wish I could, there'd be no penalties, right? We would have a nice, perfect utopia. We also want to be able to calculate taxpayer penalties relating to federal returns, right? Make sure you understand the situations as well as the calculations themselves. Memorize those numbers, memorize what those penalties actually are. We also want to be able to apply potential federal tax return preparer penalties in a given scenario, dealing with the regulations and governing and going before the IRS. That's gonna be something that we wanna see. Be familiar with those situations and scenarios. And lastly, just, again, this was a nice broad overview. I mean, there were specifics in this lesson, of course, but this

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Ethics and Responsibilities in Tax Practice

Module: 2 Concepts, 33 Videos

Internal Revenue Code and Tax Return Preparation Regulations Overview

4:17

Introduction to Internal Revenue Code and Tax Return Preparation Regulations

5:20

IRS Tax Forms

5:40

Types of Federal Taxes