Federal Tax Return Preparer Penalties Quick Reference Chart

This chart summarizes various federal penalties that the IRS may assess against an individual or a firm meeting the definition of a tax return preparer as defined under Sec. 7701(a)(36) / Regs. Sec. 301.7701-15 and Sec. 7216 / Regs. Sec. 301.7216-1. Although comprehensive, this list is not all-inclusive and has been developed to help tax practitioners understand potential penalty exposure and ways to have any penalty assessment abated.