Peter files a tax return for a client. The income is significantly different that the previous years and Peter discusses with the client why the income is so much lower. The client tells Peter that he will pay him triple to file the return with the lower income numbers and Peter agrees. What is the potential impact to Peter if it turns out the client was committing fraud?

Penalties for willful understatement and negligence

Nothing, because Peter was correct to rely on his client and accept the additional fees

Censure

Both censure and penalties