Confessions of a Tax Pro: Mastering Form 8275

This program provides tax professionals with in-depth knowledge and practical guidance on the strategic use of Form 8275, the Disclosure Statement. The program explains when and how to file Form 8275 to disclose items or positions on a tax return that are not otherwise adequately disclosed. By correctly using Form 8275, tax professionals help their clients avoid accuracy-related penalties under IRC § 6662, including those for negligence or substantial understatement of income tax. Participants will learn about the legal standards for adequate disclosure, the reasonable basis for return positions, and the form's role in mitigating risks associated with positions that may lack economic substance. The program will also discuss preparer penalties and how disclosure can protect against penalties under IRC § 6694.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

John Sheeley, EA is a seasoned tax professional based in Chester, New York with over 30 years of experience in the industry. He began his career in 1987 and passed the IRS Special Enrollment Exam in 1995. His diverse background includes owning multiunit franchises of a national tax firm for 13 years and working as a tax manager at a regional CPA firm for 5 years. In 2013, John co-founded Tax Practice Pro, Inc., a leading provider of IRS and NASBA approved continuing education for tax professionals through an innovative subscription-based model. Tax Practice Pro also offers tax practitioner programs including Enrolled Agent test preparation, practitioner mentoring and practitioner coaching programs. John’s current speaking interests include leveraging artificial intelligence for tax preparation, tax practice management, unraveling complexities of S corps, and taxation for non-resident aliens and expatriates. John is a National Tax Practice Institute fellow and earned his undergraduate degree from the State University of New York at Oswego. He can be reached at john@taxpracticepro.com.