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What penalty will a tax preparer face

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Reference no: EM132470047

Problem 1: Walt was a tax preparer who neglected to complete Form 8867 or record information needed for the return Rick fraudulently claimed the children for EIC purposes. After the IRS proved Rick had committed fraud, it was shown that Walt failed to exercise due diligence.

Question 1: What penalty will a tax preparer face if it is determined that he failed to exercise due diligence?

Reference no: EM132470047

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