Due Diligence Requirements: Circular 230 and Other Professional Standards

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Overview

2.0 Credits
ONLINE

Recent IRS management comments and enforcement activity indicate rising due diligence inquiries and analyses will be expected of tax preparers about information supplied by taxpayers. Learn to avoid exposure to disciplinary actions.

To avoid disciplinary actions by the IRS, tax practitioners should be aware of recent developments and activity in other Circular 230 and tax practice and procedural areas.

Objectives

  • Obtain an understanding of due diligence requirements under current law and professional standards.
  • Learn about the IRS push for increased practitioner due diligence in ensuring taxpayer compliance.
  • Obtain information about how to respond, if necessary, to increased due diligence requirements; it’s never too soon to start.

Major Topics

  • Due diligence requirements under Treasury guidance including supervisory responsibilities
  • Due diligence requirements under professional standards
  • Increased expectations for inquiry and analysis?
  • Meeting increased expectations: informing clients and defensive measures for practitioners
  • Due diligence for preparer advice responsibilities

Designed For

CPAs, EAs, and other tax return preparers.

Prerequisite

Tax practitioners with two-years experience and a working knowledge of the AICPA Statements on Standards for Tax Services and IRS Circular 230.

Advanced Preparation

None.