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b'The IRS celebrated the end of 2007 by releasing three Notices late on December 31 that provide guidance on the application of the revised preparer penalties contained in the Small Business and Work Opportunity Tax Act of 2007 that was passed last May.\\xa0 The IRS had previously released interim relief in Notice 2007-54, but that relief was set to expire as 2007 did.

The centerpiece of this guidance is Notice 2008-13, which provides interim guidance on applying the \\xa76694 preparer penalty standards.\\xa0 The interim rules are not nearly as onerous as many had feared they would be, and need to be incorporated rapidly into our practices as tax season approaches.\\xa0 Note, as well, that this guidance applies only until the IRS releases revised regulations, something the notice indicates they plan to do during 2008.

The materials for this podcast can be downloaded at http://www.edzollars.com/2008-01-01_6694.pdf .\\xa0 Those materials include the full text of all three notices.

The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com .
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