Changes in federal tax laws and regulations published in the last four years have modified and expanded the tax-related penalties and disciplinary actions to which appraisers may be subject. Most recently Treasury Decision 9436, Tax Return Preparer Penalties under Sections 6694 and 6695, which became effective 22 December 2008, implemented the provisions of laws enacted in 2007 and 2008 and confirmed that appraisers are subject to penalties as tax return preparers under Internal Revenue Code Section 6694. This article provides a summary of the applicable laws and regulations as an aid in developing an understanding of risks associated with providing valuation services having a tax purpose.