In the 2022 tax year, Travis, who is a paid tax preparer, deliberately reduced a client's tax liability. Despite Travis being viewed as a "good tax preparer" by his clients, this action could have serious consequences. As a result of his willful or reckless conduct, Travis may be subject to a penalty for understating the taxpayer's tax liability. What is the penalty that the paid preparer will face in this situation?

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In the United States if a paid tax preparer willfully or recklessly understates a cl... View the full answer