Question: Which statement is accurate regarding IRC Section 6694 preparer penalty provisions? Penalties may apply to the practitioner when the client's tax liability is understated. Penalties

Which statement is accurate regarding IRC Section 6694 preparer penalty provisions? Penalties may apply to the practitioner when the client's tax liability is understated. Penalties can be assessed on a practitioner even if a disclosed tax position has a reasonable basis. Penalties can range from $50 to $200 if misconduct is found. Penalties may lead to an investigation by the United States Department of Justice

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