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IRS Circular 230: Understand Your Ethical Duties and Responsibilities
We all try to do the right thing, but many of us have busy practices with pressures that may cause us to inadvertently face an ethical problem. The Regulations Governing Practice before the Internal Revenue Service (Treasury Department Circular 230) provides guidance for tax professionals who practice before the IRS regarding statutes and regulations they must comply with to ensure their “fitness to practice” before the IRS. Circular 230 has recently been revised and it has imposed new duties and responsibilities upon practitioners who represent taxpayers before the IRS. State licensed attorneys, CPAs, IRS-enrolled agents, enrolled retirement plan agents, enrolled actuaries, and others who practice before the IRS must comply with these requirements.
Tax practitioners found to be in violation of their ethical duties in regards to a taxpayer’s rights, privileges or liabilities under IRS regulations can be publicly reprimanded or censured, suspended from anywhere between one to 59 months and can even be disbarred for five years under Circular 230, according to the Office of Professional Responsibility (OPR). In addition, the practitioner may be penalized up to the gross income derived or to be derived from the unethical conduct that led to the penalty. This session with tax attorney Robert E. McKenzie is designed to help you avoid violating your ethical duties under these regulations.
Standards and penalties for tax preparers
Conflicts of interest
Understand your duties
The best practices to avoid problems
NASBA & IRS Category of Study: Ethics
Who Should Attend
CPAs and Enrolled Agents
Finance and Accounting Professionals
Accounting and Taxation Firms
Law firms dealing with tax issues
Profit businesses involved in joint ventures with nonprofit organizations
Robert E. McKenzie is a Partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the Internal Revenue Service and state tax agencies. He has lectured extensively on the subject of tax representation and has presented courses be...