Revenue Procedure 2010-15 updates Rev. Proc. 2008-14, 2008-1, C.B. 435, and identifies circumstances under which the disclosure on a taxpayer’s income tax return with respect to an item or a position is adequate for purpose of reducing the understatement of income tax under section 6662(d) of the Internal Revenue Code; (relating to the substantial understatement aspect of the accuracy-related penalty), and for the purpose of avoiding the tax return preparer penalty under section 6694(a) (relating to understatements due to unreasonable positions) with respect to income tax returns.
2010 Tax Guidance: Revenue Procedure 2010-15 Identifies Circumstances Reducing Understatement of Income Tax Penalty and Related Disclosures on a Taxpayers Return