Tax Practice Conduct Standards: Circular 230 and Standards for Tax Services

Description

Meet the ethics requirement while addressing significant changes in the statutory and regulatory standards that govern tax practitioners. Explore rules that govern professional conduct in tax practice, including responsibilities to advise clients on tax positions and related penalty avoidance. Portions of course materials from Kip Dellinger, Practical Guide to Federal Tax Practice Standards (CCH).

Highlights

• Federal and California statutory and regulatory standards governing tax preparers: Preparer penalty provisions, Circular 230 and; AICPA Statements on Standards for Tax Services.
• Tax shelter and reportable transaction issues in depth.
• Attorney-client, Sec. 7525 and work product privilege issues and Kovel arrangements.

Objectives

• Understand how federal tax-exempt status is obtained and the significance of tax-exemption
• Understand the significance of Form 990, Return of Organization Exempt From Income Tax Core Form and Schedules, including both general and specific suggestions and interpretation of the Form and Instruction
• Understand what direct lobbying, grassroots lobbying and the expenditure test are and how to complete Schedule C, Political Campaign and Lobbying Activities
• Identify why public support is important and how to correctly complete Schedule A, Public Support
• Recognize the significance of core form compensation questions and disclosures; Schedules J, Compensation Information, and L, Transactions with Interested Persons; and the significance of "intermediate sanctions" including the safe harbor
• Identify what constitutes a "complete" filing of Form 990
• Discuss the significance of governance and policies addressed on Form 990
• Understand the concepts of related, excluded and unrelated income, as well as the implications, including special rules for certain types of entities
• Understand the implications of TCJA and regulations, thereunder, on unrelated business income revenue streams and unrelated business taxable income of tax-exempt organizations
• Learn the implications of the CARES Act and American Rescue Plan on tax-exempt organizations

Designed For

CPAs, attorneys and enrolled agents.