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...

Accountants without a succession plan are hurting not only themselves but their clients as well. Here are seven ways to see your practice continues after you retire—some of them are better than others.What Are Your...
Boehner, Camp profit from corporate bid to avoid US taxesRichard Rubin of Bloomberg reported on Tuesday that House Speaker John Boehner (R-OH) and House Ways and Means Committee Chairman Dave Camp (R-MI) profited from a...
In my last article, I discussed the model of value pricing and the benefits this billing structure offers you and your clients. However, in order to set up the right value pricing for your client, you need to know what...

Already a member? log in here.

Upcoming CPE Webinars

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.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 26
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.