Four sessions covering the practitioner duties in Circular 230 that generate the most disciplinary activity: due diligence, conflicts of interest, written advice standards and the handling of client records on termination.
Each session states the rule, then works through the fact patterns in which practitioners are most often found to have fallen short.
Major topics covered
Due diligence and reliance on client information.
Conflicts of interest and written consent.
Standards for written advice.
Client records, fees and termination.
After completing this session you will be able to:
01Review and apply the due diligence standard in Circular 230 section 10.22.
02Identify conflicts of interest and the written consent required to continue an engagement.
03Explain the standards governing written advice and the reliance a practitioner may place on it.
04Apply the client records rules that govern the end of an engagement.
Topics covered in this session:
Practitioner duties and restrictions under Circular 230 subpart B
Due diligence as to accuracy and reliance on information furnished by clients
Conflict identification, waiver and the written consent requirement
Standards for written advice and covered opinions
Requirements for returning client records on termination
Contingent fee restrictions and prohibited practices
Sanctions, censure and suspension proceedings before the OPR
Nicholas advises on IRS controversy and compliance matters, and teaches on penalty abatement, reporting obligations and practitioner ethics. His sessions work through current examination and reporting posture rather than statute in the…