Accountants’ Professional Responsibilities and Ethics in Tax Practice
Provides the background and ethical framework that governs the practice of tax at both the federal and state levels. Focuses on the rules that govern the conduct of accountants in federal and state tax practice. Includes an in-depth discussion of Circular 230, the AICPA Tax Practice Standards, the state Boards of Accountancy, and state tax agencies’ rules and regulations (to the extent that they exist). Covers eligibility to practice in the tax field for federal and state purposes, client confidentiality and related tax-practitioner privileges, managing conflicts of interest, rules governing fees, standards of practice and disclosure on the tax return, new rules on written advice, practitioner penalties and malpractice claims, performing other services (and the unauthorized practice of law), and best practices for tax advisers. Also covers the states’ regulation of tax practice, including multi-jurisdictional practice. Focuses on real-life case studies that illustrate the dilemmas faced by tax practitioners in everyday situations, and addresses the practical questions of operating a tax practice. Prerequisite(s): TA 318 or equivalent.