Conflicts of Interest IRS Rules Differ from AICPA Professional Standards
Circular 230 forbids federal tax practitioners from having conflicts of interest, defined as representation of one client that is directly adverse to that of another client, or representing a client in circumstances creating a significant risk that the...
Published on January 08, 2013
CPA Conflicts of Interest
Avoiding conflicts of interest requires CPAs to aggressively identify potential conflicts and take appropriate remedial action
Published on January 28, 2011
Circular 230 Conflicts of Interest
This item highlights the requirements of Circular 230 §10.29 and the new client consent standard and addresses how the new standard may affect practitioners and clients.
Published on May 04, 2010
Practical Approaches to Common Conflicts of Interest
This column highlights some common conflicts of interest encountered by CPA tax practitioners and offers some practical means of properly addressing the consequential ethical issues
Published on April 30, 2014
An Overview of AICPA and IRS Rules of Practice
This column refreshes practitioners on the AICPA and IRS rules of practice, provides a list of resources for questions and answers, and details the relationship and similarities between the AICPA and IRS ethics standards related to tax practice.
Published on February 19, 2014
Advising Clients Regarding Erroneous Tax Return Positions Part II
This article discusses what tax practitioners must do if their client fails to heed their advice whan an error is found on a tax return and what to do when the error is attributable to the tax practitioner’s own advice.
Published on June 30, 2013
How Poor Planning and Tainted Opinion Added Up to a $36.7 Million Accuracy Penalty
In a case of first impression, the Tax Court in Canal Corp. et. al. v. Commissioner, 135 T.C. No. 9, was presented with a leveraged partnership transaction. As a result of poor planning, sloppy paperwork and a tainted opinion by PriceWaterhouseCoopers (PwC), the Tax Court held that the transaction constituted a disguised sale,
Published on January 28, 2011
Current Developments in Partners and Partnerships
This article reviews and analyzes recent rulings and decisions involving partnerships. The discussion covers developments in partnership formation, income allocations, and basis adjustments.
Published on January 31, 2013
Tax Preparer and Taxpayer Reporting Standards Equalized
A provision in the 2008 Tax Extenders and AMT Relief Act sets the standard of conduct for preparers to avoid the penalty for understatement of tax due to an undisclosed return position at "substantial authority," the same standard applied to taxpayers. The controversial "more likely than not" standard has been
Published on May 03, 2010
An Analysis of the New Preparer Penalty Proposed Regulations
This article analyzes the proposed regulations on the new Sec. 6694 preparer penalty provisions that were enacted as part of the Small Business and Work Opportunity Tax Act of 2007.
Published on May 10, 2010