Section 40.6694-4 - Extension of period of collection when tax return preparer pays 15 percent of a penalty for understatement of taxpayer's liability and certain other procedural matters(a)In general. For rules relating to the extension of period of collection when a tax return preparer who prepared return or claim for refund of excise tax of any tax to which this part 40 applies pays 15 percent of a penalty for understatement of taxpayer's liability and procedural matters relating to the investigation, assessment and collection of the penalties under section 6694(a) and (b), the rules under § 1.6694-4 of this chapter will apply.(b)Effective/applicability date. This section is applicable to returns and claims for refund filed, and advice provided, after December 31, 2008.T.D. 9436, 73 FR 78455, Dec. 22, 2008