Did You Know? Internal Revenue Code, Section 6107(b) requires tax return preparers to:
a. Retain a completed copy of all returns prepared or a list containing the names, taxpayer identification numbers, tax years, and types of all returns prepared, and
b. Make such records available for inspection upon request by the IRS for a three-year period
For each failure to comply, you could be subject to an Internal Revenue Code Section 6695(d) penalty of $50 with a maximum penalty of $25,500 per year.
For more information on Preparer Penalties visit: www.irs.gov/tax-professionals/summary-of-preparer-penalties-under-title-26