Tax professionals advise clients in many ways, from direct written and oral advice to "taking a position" while preparing a return. This course is an overview of professional standards when giving tax advice. Statutes, regulations, and conduct requirements under Federal tax law regulate the provision of advice. For CPAs, standards of conduct are issued by the AICPA and adopted by the Boards of Accountancy of every state. Companion course: Understanding CPA Communication Privileges in Tax Practice 2024
Learning Objectives
• Recognize the various regulatory and professional requirements for providing clients with tax advice
• Identify critical areas in providing tax advice to clients
• Determine communication to clients for tax positions taken on their behalf, including any required return disclosures
Major Topics
• 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
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