Circular 230 Changes Proposed

The Treasury Department and the Internal Revenue Service (IRS) last week proposed amending Treasury Department Circular 230, governing tax professionals practicing before the IRS. The proposed amendments are the result of a thorough review of the extensive public comments received in response to an advanced notice of proposed rulemaking relating to the Office of Professional Responsibility in December 2002. A hearing on the proposed regulations is scheduled for Wednesday, June 21, 2006. Comments will be accepted through April 7, 2006.


Advertisement


Low Cost Accounting Software Support

Provider of low cost support, consulting, training and custom report writing for MAS 90, MAS 200 and MAS 500 accounting software systems. Call us toll free at 1-866-762-3990 to learn how we can help. http://www.saveonsupport.com


The proposed revisions to Circular 230 would affect:

  • the definition of practice
  • eligibility for enrollment
  • unenrolled practice
  • rules concerning contingent fees, conflicts of interest, standards with respect to tax returns and document, affidavits and other papers, sanctions, discovery, publicity and appeals

The proposed regulations do not address standards for written tax advice, which were the subject of amendments issued in December 2004 and modified in May 2005. They do, however, replace certain terminology in order conform with terminology used in 18 U.S.C. 207, and 5 C.F.R. parts 2637 and 2641.

Ensuring that tax professionals adhere to professional standards and follow the law is one of the IRS’ top four enforcement goals and the proposed revisions play a critical role in achieving that goal.

You may like these other stories...

Do you have entrepreneurial clients? Here's a simple checklist to go over with CEOs to get them started on the right track to running a successful, fiscally responsible business.Create a real budget.I would say that...
When you’re running an accounting office, it's easy to become inundated with paper, forms, and email attachments, especially when tax season rolls around. To prevent your office from becoming completely overwhelmed...
Senate Takes Different Approach from House for Highway and Bridge FundEarlier this week, according to a New York Times article, the Senate agreed to fill the coffers of the fund that pays for highway and bridge repairs with...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.