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Tax Ethics: Best Practices for Ensuring Compliance With Circular 230 and Other Applicable Rules

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Friday, April 19, 2024

Recorded event now available

or call 1-800-926-7926

This course will discuss Circular 230 concerns regarding ethical encounters facing tax professionals, including how current norms impact the profession. The panelist will examine best practices to ensure compliance and avoid penalties.

Description

Fulfilling one's professional obligations as a tax practitioner has never been easy, and the disruption caused by more practitioners working from home has compounded the profession's ethical challenges. This webinar will explore how Circular 230, statutory penalties, and other applicable rules apply in everyday situations and discuss how technological changes expose tax professionals to potential sanctions.

To practice before the IRS, tax practitioners must comply with standards outlined in Circular 230, which covers conflicts of interest, the duty of confidentiality, knowledge of a client's omission, and other issues, including the duty of supervisors to ensure that others in their firm comply with the rules. Knowing the requirements of the Circular, which complements the professional standards adopted by accounting societies and bar associations, is vitally important.

Listen as Bryan C. Skarlatos, Partner at Kostelanetz LLP discusses how Circular 230 and other rules apply in various factual situations and could affect a professional's responsibilities. He will provide takeaway practical hints and best practices to ensure compliance and avoid penalties.

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Outline

  1. Importance of ethics training
    1. What are ethics?
    2. What are the sources of ethical rules?
  2. The intersection of personal beliefs and professional rules of conduct
  3. Ethical reasoning process of tax practitioners
  4. An analytical framework for tax professionals
  5. Overview of Circular 230
  6. What constitutes practice before the IRS?
  7. Circular 230: Review of key provisions
  8. Circular 230: Open issues
  9. The ethical landscape
  10. Ethical scenarios
  11. Civil penalties, including IRC 6694
  12. Appendices

Benefits

After completing this program, participants will understand how Circular 230 addresses the more commonly encountered ethical questions tax practitioners face, including:

  • What to do if you have knowledge of a client's omission of income from a tax return
  • Can you rely on the work of other tax return preparers?
  • What is the extent you may rely on and use client-provided information?
  • What standards are associated with advising clients?

Faculty

Skarlatos, Bryan
Bryan C. Skarlatos
Partner
Kostelanetz

For more than 35 years, Mr. Skarlatos has represented corporations and individuals in sensitive matters, many of which...  |  Read More

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