Tax professionals provide advice to taxpayer-clients in many ways, from direct written and oral advice to “taking a position” while preparing a return. Receive an overview of tax advice and professional standards.
The provision of advice is regulated by statute, regulations and conduct requirements under Federal tax law and also, for CPAs, standards of conduct issued by the AICPA and adopted by the Boards of Accountancy of every state.
Recognize the various regulatory and professional requirements associated with providing tax advice to clients.
Identify critical areas to be addressed in providing tax advice to clients.
Determine what should be communicated to clients with respect to tax positions. taken in their behalf including any required return disclosures.
Overview of the various types of advice tax professionals provide clients
The preparer penalties
The duty to advise clients with regard to potential taxpayer penalties
The primary AICPA rules with regard to advising and communicating tax advice
Circular 230 and the IRS Office of Professional Responsibility oversight and disciplinary authority
CPAs, EAs and tax preparers.
Tax practitioners with two-years experience and a working knowledge of the AICPA Statements on Standards for Tax Services and IRS Circular 230.