This article discusses the technical provisions of Circular 230, Regulations Governing Practice Before the Internal Revenue Service, and how recent revisions could affect existing tax practice procedures and the management of tax practices.
Tax Ethics & Standards
When responding to records requests, the tax practitioner must be cognizant of, and adhere to, the collective body of applicable professional standards and law.
The IRS issued final regulations under Circular 230 on the rules for practitioners to provide written tax advice and certain other related provisions.
One of the biggest issues practitioners have with the IRS Office of Professional Responsibility is a lack of information on what constitutes a violation of Treasury Circular 230 and how OPR applies sanctions for such violations.
This column highlights some common conflicts of interest encountered by CPA tax practitioners and offers some practical means of properly addressing the consequential ethical issues.
This item addresses whether a CPA representing a client in state tax tribunal has impaired his or her independence under the AICPA Code of Professional Conduct.
The PFP Executive Committee issued a statement to provide guidance to members and help them uphold the highest levels of integrity, professionalism, objectivity, and competence.
This column refreshes practitioners on the AICPA and IRS rules of practice, provides a list of resources for questions and answers, and details the relationship and similarities between the AICPA and IRS ethics standards related to tax practice.
Because students generally are in the early stages of their professional development, they easily can be exposed to professional ethics issues and preferred professional behaviors in common ethical situations as they learn more about tax technical content and the practical implementation of those rules.
Tax practitioners at times must balance client interests and their own professional interests. This issue takes on even greater import when the CPA is representing a client before the IRS.
Even though the privilege has been traditionally reserved for attorneys, as the world has became more complex, the courts have expanded privilege beyond attorneys to include accountants in certain situations.
Practitioners face some difficult scenarios in properly disclosing or using client tax return information. Multiple professional ethics pronouncements and federal and state legislative and administrative pronouncements all must be considered before acting.
This article discusses what tax practitioners must do if their client fails to heed their advice whan an error is found on a tax return and what to do when the error is attributable to the tax practitioner’s own advice.
For years, CPAs have been asked by third parties for verification, confirmation, certification, corroboration, authentication, or substantiation of their clients’ financial information. Negative connotations have often been associated with these requests.
This article examines the two somewhat different versions of the rule on advising clients regarding erroneous tax return positions—one applied by the AICPA and the other by the IRS.
To adapt to this rapidly evolving area of practice, the AICPA released this spring an exposure draft of the Proposed Statement on Standards in Personal Financial Planning Practice.
This article examines the rules and definitions that form the basis for the practitioner-client and the work product privileges and identifies certain measures that can increase the protection of sensitive client information.
The IRS took additional steps to protect taxpayer information with the December release of final regulations under Sec. 7216. The IRS also released guidance to tax return preparers about the format and content of taxpayer consents.
The IRS issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information.
The IRS Rev. delayed the date that taxpayer consents to disclose and consents to use tax return information must contain the mandatory language recently issued in Rev. Proc. 2013-14.