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The Circular 230

The Circular 230 is an order that is applicable and covers lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. It is further limited by the specification that Circular 230 applies to those mentioned above who are practicing before the Internal Revenue Service. In general, the tax advisors should adhere to the best practices standards of advising and preparation or assistance in the client’s submission to the Internal Revenue Service.

Likewise, they need to have clear lines of communication with the client with regard to the terms of engagement. Second, they need to consider all the facts presented and to evaluate and assess such to the best of their abilities. Third, advice the client regarding the conclusions reached and would have to tell the same the things which liabilities are incurred because of the conclusions.

Fourth, they are required to carry out their tasks and responsibilities in a fair manner and to uphold integrity. The Secretary of the Treasury or a delegate has the authority to do three things as penalties for those mentioned above when they violate the rules and regulations in Circular 230, is incapable or notorious, and is with the intention of misleading the client in any way.

After proper notice and a fair proceeding, they may be censured, suspended, or disbarred but this is only applicable to their practice before the Internal Revenue Service. Likewise, the same authority can disqualify an appraiser after due process and under certain circumstances. The last penalty would be the monetary sanction for all practitioners before the Internal Revenue Service. The determined amount should not exceed that of the income derived by the practitioner for that which he incurred the penalty.

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