Course ID: EQCT

Ethics and Quality Control in Tax Practice


Circular 230 and IRC Sections 6694 and 7216 threaten horrific penalties on careless tax practitioners. The Office of Professional Responsibility is suspending practitioners who fail to apply “due diligence” to their preparation of tax returns. Together with revised AICPA Statements on Standards for Tax Services, these new rules change the way CPAs approach the “tax business.” Monetary penalties may be imposed for carelessness in applying the law to your client’s tax affairs. This program helps you meet the “best practices” standard, other ethical standards, and regulatory requirements. It will also include discussion of privileged communication and various penalties that apply to tax practitioners.


LEARNING OBJECTIVES
  • Comply with IRC Sections 6694 and 7216
  • Apply Treasury Circular 230 rules to your practice or your duties as an employee
  • Follow rules that govern the practice of public accounting in your state
  • Implement AICPA Statements on Standards for Tax Services 1 through 7 and Interpretations 1-1 and 1-2
  • Avoid unnecessary exposure to penalties and malpractice claims in your tax practice

MAJOR TOPICS
  • Preparer Penalties
  • Penalties for failing to secure client permission to disclose or use information
  • Office of Professional Responsibility administrative authority
  • Circular 230 rules for CPAs who prepare returns or provide tax opinions
  • Your state law governing the practice of accounting
  • Your state Board of Accountancy rules
  • AICPA Statements on Standards for Tax Services
  • Quality control documents and why you must have one
  • Professional Liability in Tax Practice
  • Current practice and ethics issues

DESIGNED FOR
CPAs in public practice or tax departments of large companies

PREREQUISITES
None

COURSE PRODUCER
Nichols Patrick CPE, Inc

CPE CREDITS
8.0

LEVEL
Intermediate

This course is available to be scheduled as:

Group Live
 

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