This Podcast provides guidance on Circular 230 issues. The IRS on April 23 released guidance on the application of monetary penalties to practitioners, their employers, firms and related entities for violations of Circular 230 as authorized by the American Jobs Creation Act of 2004 This guidance gives some insight into the IRS's views on how they will make use of this new enforcement tool, as well as some indication of what the IRS might view as an appropriate quality control system for a tax practice. If, as expected, SSTS No. 9 goes from an exposure draft to a final standard for CPAs, this document may be one to consider when a CPA firm sets out its tax quality control standards. And given the existence of the 'aspirational' standard for best practices in Circular 230 Section 10.33, the importance of SSTS No. 9 may not be limited to CPAs.
The materials for this podcast can be found at
http://www.edzollars.com/2007-04-24_Monetary_Penalties.pdf
There's an excellent book on this topic by Jonathan Blattmachr, Mitchell Gans, and Damien Rios entitled The Circular 230 Handbook. It's published by The Practicing Law Institute. (800 260 4554).
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