IRS Rev. Proc.: Understatement of Income Tax, Return Preparer Penalties (IRC §6662)

Revenue procedure specifying when information shown on a return in accordance with the applicable forms and instructions will be an adequate disclosure for purposes of reducing an understatement of income tax under I.R.C. §6662(d) and for purposes of avoiding the §6694(a) preparer penalty, the IRS provided. This revenue procedure updates Rev. Proc. 2022-41, 2022-50 I.R.B. 527, and applies to any income tax return filed on 2023 tax forms for a taxable year beginning in 2023, and to any income tax return filed in 2024 on 2023 tax forms for short taxable years beginning in 2024. [Rev. Proc. 2023-40, 2023-51 I.R.B. ...