Question: Which statement is not correct regarding IRC Section 6694 preparer penalty provisions? Penalties can be assessed on a practitioner when a disclosed tax position lacks

Which statement is not correct regarding IRC Section 6694 preparer penalty provisions? Penalties can be assessed on a practitioner when a disclosed tax position lacks a reasonable basis. Penalties may apply to the practitioner when the client's tax liability is understated. Penalties can range from $50 to $200 if misconduct is found. Penalties may lead to an investigation by the IRS Office of Professional Responsibility

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