Final answer:
A tax return preparer may be subject to specific penalties for failing to furnish the taxpayer with a copy of the return, for understating a tax liability based on a position that lacks substantial authority, for procedural matters, and for willfully understating taxes by making no effort to obtain pertinent information from a client.
Step-by-step explanation:
A tax return preparer may be subject to specific penalties for failing to furnish the taxpayer with a copy of the return, for understating a tax liability based on a position that lacks substantial authority, for procedural matters, and for willfully understating taxes by making no effort to obtain pertinent information from a client. However, failing to furnish the tax preparer's identification number and failing to file taxes for the same clients in consecutive years may not result in specific penalties for the tax return preparer.