Tag Archives: circular 230

IRS Circular 230 – Requirements for Covered Opinions

June 27, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 10.35: Requirements for Covered Opinions Sec. 10.35(a): A tax practitioner who provides a “covered opinion” shall comply with the standards of practice under Sec. 10.35. Sec. 10.35(b)(2)(i): A “Covered Opinion” is written advice on one or more federal tax issues, arising from: (A) A transaction, that at the time the advice is rendered, the […]

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IRS Circular 230 – Marketed Opinions

June 27, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 10.35: Covered Opinions “Marketed Opinions” Under the 10.35(c)(iv), a “Marketed Opinion” must provide the practitioner’s conclusion that the taxpayer will prevail on the merits at a confidence level of at least more likely than not with respect to each significant federal tax issue. If the practitioner is unable to reach a more likely than […]

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IRS Circular 230 – Return of Client’s Records

June 26, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 10.28 Return of Client’s Records (a) A practitioner must, at the request of a client, promptly return all records of the client, that are necessary for the client to comply with their federal tax obligations. The practitioner may retain copies of the records returned to a client. The existence of a dispute over fees […]

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IRS Circular 230 – Required Disclosures – Covered Opinion

June 23, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 10.35: Required Disclosures: Covered Opinion Under Sec. 10.35(e), a covered opinion must contain all of the following disclosures that apply: 1. Relationship between promoter and practitioner: (i) Any compensation arrangement such as a referral fee, or a fee-sharing arrangement between the practitioner and any person (other than the client for whom the opinion is […]

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IRS Circular 230 – Standards with Respect to Tax Returns, Affidavits, Documents and Other Papers

June 22, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 10.34 Standards with Respect to Tax Returns and Documents, Affidavits and Other Papers Tax Returns A practitioner may not willfully, recklessly or through gross incompetence: (i) Sign a tax return or claim for refund that the practitioner knows or reasonably should know contains a position that, or: (ii) Advises a client to take a […]

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IRS Circular 230 – Best Practices for Tax Advisors

June 21, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 1033 Best Practices for Tax Advisors Tax advisors should provide clients with the highest quality representation concerning federal tax issues in providing advice and IRS submissions. Best practices include: 1. Communicate clearly with client regarding terms of engagement, including: determine client’s expected purpose; 2. Establish the facts, determining which facts are relevant, evaluating the […]

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IRS Circular 230 – Requirements for Other Written Advice

June 20, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 10.37: Requirements for Other Written Advice Sec. 10.37(a): Requirements. A tax practitioner must not give written advice concerning one or more federal tax issues if the practitioner bases the written advice on unreasonable facts or legal assumptions (including assumptions as to future events), unreasonably relies upon representations, statements, findings or agreements of the taxpayer […]

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IRS Tax Compliance – Offshore Accounts

June 19, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Under Treasury Department Circular #230 (Rev. 8/11), Title 31 Code of Federal Regulations, Subject A, Part 10 (published June 3, 2011), Section 1021 requires a tax practitioner who knows that the client has not complied with U.S. revenue laws, or made an error or omission in a tax return, to promptly advise the client of […]

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IRS Circular 230 – Limited Scope Opinions

June 18, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Sec. 10.35 Covered Opinions – “Limited Scope Opinions” Sec. 10.35(c)(3)(v). The practitioner may provide an opinion that considers less than all of the significant federal tax issues if: 1. The tax practitioner and the taxpayer agree that the scope of the opinion and the taxpayer’s potential reliance on the opinion for purposes of avoiding penalties that […]

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IRS Treasury Department Circular 230 – Tax Advisors

May 20, 2013  |   Posted by :   |   Circular 230   |   0 Comments

Effective August 2011, the Treasury Department issued Circular No. 230 (Title 31 Code of Federal Regulations, Subtitle A, Part 10):  Regulations Governing Practice before the IRS.  Tax advisors must comply with the requirements (of Circular 230) or face IRS disbarment, censure or sanctions. Under Circular 230 the following rules apply: 1. Sec. 1021:  A practitioner […]

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