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.