Advise the new client on this matter

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Reference no: EM133671505

Question: You are a CPA and sole practitioner. Your new client comes to you and tells you about a situation that occured with his former tax return preparer. The new client tells you that he took a position on his tax return that was very aggressive, that this position was not disclosed on the reurn, and that there was no substantial authority for this position. The new client also tells you that in effect rhere was no reasonable cause and no good faith effor to comply with the tax laws. The new client says it is his belief that the fact he relied on the tax preparer's advice was enough to shield him from the substantial understatement penalty. Please advise the new client on this matter and whether he is correct or not?

Reference no: EM133671505

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