Tax Ethics in an Era of Social Distancing: Practical Advice for Practitioners
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
This course will discuss Circular 230 concerns in responding to ethical encounters facing tax professionals, including how current social distancing norms impact the profession. The panel will examine best practices to ensure compliance and avoid penalties.
Outline
- Importance of ethics training
- What are ethics?
- What are the sources of ethical rules?
- Intersection of personal beliefs and professional rules of conduct
- Ethical reasoning process of tax practitioners
- Analytical framework for tax professionals
- Overview of Circular 230
- What constitutes practice before the IRS?
- Circular 230: Review of key provisions
- Information to be furnished
- Knowledge of client’s omission
- Diligence as to accuracy
- Fees
- Conflicting interests
- Best practices for tax advisers
- Standards with respect to tax returns and documents, affidavits, and other papers
- Competence
- Procedures to ensure compliance
- Requirements for written advice
- Sanctions
- Incompetence and disreputable conduct
- Circular 230: Open issues
- Safeguarding taxpayer information: Issues related to working from home
- The ethical landscape
- Ethical scenarios
- Civil Penalties, including I.R.C. § 6694
- Appendices
Benefits
After completing this program, participants will understand how Circular 230 addresses the more commonly encountered ethical questions tax practitioners face, including:
- What do you do if you have knowledge of a client's omission of income from a tax return
- May 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 giving advice to clients?
- Whether and how current social distancing norms may affect the duty of confidentiality
Faculty
Dan B. De Jong
Senior Manager, Tax
KPMG
Mr. De Jong supports KPMG’s engagement teams across tax and assists clients with a variety of tax-related... | Read More
Mr. De Jong supports KPMG’s engagement teams across tax and assists clients with a variety of tax-related income/franchise, financial services, and associated issues.
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Timothy J. McCormally
Director, Washington National Tax
KPMG
Mr. McCormally works primarily with the firm’s Practice, Procedure & Administration Group. He formerly served... | Read More
Mr. McCormally works primarily with the firm’s Practice, Procedure & Administration Group. He formerly served as Executive Director of Tax Executives Institute and continues to focus on IRS procedures and rules of special relevance to in-house tax professionals. Mr. McCormally writes about new IRS programs and procedures, and frequently teaches tax ethics and professionalism at educational programs across the country.
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Bryan C. Skarlatos
Partner
Kostelanetz & Fink
For more than 30 years, Mr. Skarlatos has represented corporations and individuals in sensitive matters, many of which... | Read More
For more than 30 years, Mr. Skarlatos has represented corporations and individuals in sensitive matters, many of which involve negotiation or litigation with government agencies. He has significant experience in federal and state tax audits, appeals and litigation, criminal tax investigations and white-collar criminal prosecutions. Mr. Skarlatos is an internationally recognized expert on reporting foreign assets to the IRS and has handled hundreds of voluntary disclosures, civil audits and criminal investigations involving alleged failure to report foreign assets. Mr. Skarlatos has been an adjunct professor at New York University School of Law for nearly 20 years where he teaches a class on Tax Penalties, Prosecutions and Procedures.
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