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Tax Preparer Advertising

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									Tax Research
AMIS 856
WILLIAM A RAABE, PHD, CPA
MW 3:30PM
   INTRODUCTION TO TAX PRACTICE


     ELEMENTS OF TAX PRACTICE

         Tax Compliance
         Tax Planning
         Tax Litigation
         Tax Research



AMIS 856 Chap 1, (c) 2011 WmARaabe
   Tax Compliance


      Gathering, evaluating, &
       classifying information for




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Tax Planning



     Arrange to minimize tax liability




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Tax Litigation


       Settling disputes with the IRS in courts
       Attorneys usually handle litigation beyond
        initial appeal of an IRS audit




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Tax Research


      Answer tax questions




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Goals of the Tax Professional

        Time Period                        Role          Focus


   Pre-Bill Clinton                  Tax as Cost     Tax Return


   Bill Clinton                      Tax as Profit   Tax Product
   Years

   Post-Bill                         Tax as Risk     Financial
   Clinton                                           Statements
AMIS 856 Chap 1, (c) 2011 WmARaabe
   Rules & Ethics in Tax Practice

       Internal Revenue Code
       Circular 230
       AICPA Code of Professional Conduct
       (AICPA) Statements on Tax Services
       ABA Code of Professional Responsibility
       Other criminal codes

    The Tax Professional’s Overall Ethics


AMIS 856 Chap 1, (c) 2011 WmARaabe
   Tax Preparer Registration

    Must register with IRS, pay a fee, and obtain
     a preparer tax identification number (PTIN)
    Pass competency tests
    Continue education 15 hours per year
    Subject to tax compliance checks
    Must follow Circular 230 ethics standards




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Circular 230: Conduct Before the IRS by
   Tax Return Preparers
      Who?


      What?


      Guidelines

      Furnish information to IRS          Contingent and unconscionable
                                          fees
      Knowledge of client’s               Solicitation and advertising
      omission/error – must advise client
      Exercise due diligence              Tax return positions
      No unreasonable delays              Apply best practices
      Cannot be a notary for clients or
      cash their check
AMIS 856 Chap 1, (c) 2011 WmARaabe
   Exercise Due Diligence



       Be prepared and honest in dealing
        with IRS and client
       A violation would be:


       Make a reasonable effort to comply
        with tax laws

AMIS 856 Chap 1, (c) 2011 WmARaabe
   Contingent & Unconscionable Fees



      Contingent fees



      Unconscionable fees



AMIS 856 Chap 1, (c) 2011 WmARaabe
   Solicitation & Advertising



       Most media permissible
       Cannot contain false, fraudulent,
        coercive, or unfair statements
       Must comply with other authorities




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Tax Return Positions


     Substantial Authority




     FIN 48 – Financial disclosure of “uncertain”
      positions




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Apply Best Practices

    Aspirational standards to help tax advisors
     provide clients with the highest quality
     representation concerning Federal tax
     issues. Examples:




AMIS 856 Chap 1, (c) 2011 WmARaabe
   AICPA Code of Professional Conduct
      Governs AICPA members

      Purpose is to provide:




      Other guidance comes in the form of:




      Departures from this Code must be justified
AMIS 856 Chap 1, (c) 2011 WmARaabe
   AICPA Code and Ethical Rules

    General standards (Rule 201)




    Confidential client information (Rule 301)

    Commissions and referral fees (Rule 503)


    Candor toward a tribunal
    Use special designation only if granted properly

AMIS 856 Chap 1, (c) 2011 WmARaabe
   Other Regulation of Tax
   Professionals
    AICPA, ABA Codes and Standards
    Sarbanes-Oxley Rules




    The rest of the US criminal code



AMIS 856 Chap 1, (c) 2011 WmARaabe
   The Ethical Tax Professional

    Ethical Reasoning




    Social Responsibility
    Public policy, Religious beliefs, Cultural
     values, Business ethics




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Sources of Tax Ethics




AMIS 856 Chap 1, (c) 2011 WmARaabe
   Tax Research by CPAs

    Solving tax problems vs. unauthorized practice of
     law




AMIS 856 Chap 1, (c) 2011 WmARaabe

								
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