| CPE Hours: 2 (
, Ethics:2
) |
Publication Date: 01/1/2009 |
Cost: $25.00
|
Level: Intermediate |
Author:
Claudia Hill |
|
Prerequisites: Overview of Federal Income Taxation or comparable knowledge. No advance preparation needed.
Delivery Method: Self-Study
This course examines ethical issues of critical interest to tax practitioners. It examines the newly-revised Circular 230 topics Including: Sec 10:33 Best Practices, Sec 10:34 Return Preparation Standards, Section 10:29 Conflicting Interests, Sec 7216 Privacy Issues and Section 10:35 Covered Opinions. The course also includes suggested disclosure and engagement letters to deal with these Circular 230 revisions. A must for every tax preparer whether you need CPE credit or not!
Final Exam Grading Policy: Course material must be completed within 12 months of purchase. A score of 70% or better is needed for passing. The completion certificate will be automatically generated by the system.
This text is divided as follows:
SECTION ONE
Circular 230 Section 10.33 Best Practices for Tax Advisors 2
Best Practices 2
Circular 230 Section 10.34 Return Preparation Standards 3
Realistic Possibility Standard 3
Advising Clients on Potential Penalties 3
Relying on Information Furnished by Clients 3
Realistic Possibility 3
Frivolous 3
Circular 230 Section 10.29 Conflicting Interests 3
IRC Section 7216 - Privacy Restrictions on
Disclosure of Client Information by Tax Return Preparers 4
Permissible Disclosures 4
Disclosures Consented to by Taxpayer 5
Review Questions 6
SECTION TWO
Circular 230, Section 10.35 Requirements for Covered Opinions 8
Section 10.37 Requirements for Other Written Advice 9
Covered Opinions Checklist 9
Covered Opinion Exceptions 10
Standards for Covered Opinions 10
When is Written Advice a Covered Opinion? 11
Principal Purpose Transaction 11
Reliance Opinions 12
Circular 230 Scenarios
Prepared by IRS OPR for the 2005 IRS Forums 12
Divorce/EITC 13
Tax Preparation 13
Exhibits
Best Practices Checklist 14
Engagement Agreements 15
Conflict of Interest Consents 19
Form 8275 Disclosure Statement 21
Review Questions 24
By completing this course the student will learn ethical issues that are of critical interest to tax practitioners. The student will examine the newly-revised Circular 230 topics that are of utmost importance. Suggested disclosure and engagement letters to deal with the Circular 230 revisions are presented.
IRS - Enrolled Agents
