IRS REVISES AND UPDATES CIRCULAR 230 STANDARDS TO PROMOTE ETHICAL PRACTICE BY TAX PROFESSIONALS.
COMPREHENSIVE DOCUMENT IRS CIRCULAR 232 HAS FIVE SUB PARTS. HIGHLIGHTS ARE:
o SUB PART A : RULES GOVERNING PRACTICE BEFORE IRS AND WHO IS ENTITLED TO PRACTICE IN IRS COURTS.
o SUB PART B: RULES ABOUT DILIGENCE, FEE SOLICITATION RESTRICTIONS, CONFLICT OF INTEREST, STANDARDS FOR ADVISING WITH RESPECT TO TAX RETURN POSITIONS.
o SUB PART C: SANCTIONS FOR VIOLATIONS OF CIRCULAR 230.
o SUB PART D: DISCIPLINARY ACTIONS AND PROCEEDINGS FOR CIRCULAR 230 VIOLATIONS
o SUB PART E: MISCELLANEOUS PROCEDURES & RULES.
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