Miscellaneous

Tax Return Preparer Ethical Issues (Updated)

The Internal Revenue Service (IRS) routinely processes more than 200 million tax returns each year, many of them prepared by tax professionals. Not surprisingly, as tax law becomes increasingly complex, taxpayers often seek the knowledgeable assistance of attorneys, certified public accountants (CPAs), enrolled agents, and other qualified tax return preparers.

To help ensure such professionals understand their ethical responsibilities in representing their clients before the IRS and in preparing their tax returns, the IRS has published Treasury Department Circular No. 230. Circular No. 230 offers substantial guidance by:

  • Setting forth rules relating to the authority to practice before the IRS;
  • Identifying the duties and restrictions relating to practice before the IRS; and
  • Prescribing sanctions for violating the regulations.

This course will examine many of those rules, duties, and restrictions as well as the sanctions imposed for their violation. In that examination of applicable rules, the course will discuss the requirements imposed on tax return preparers and will then present real-world scenarios focusing on specific ethical issues preparers may encounter in their professional activities. The preparer will be asked to analyze the scenario, identify the ethical issue or issues presented, and determine an appropriate response.

Learning Objectives:

  • Recognize the permitted scope of tax return preparer responsibilities.
  • Identify the best practices for tax advisers in preparing or assisting in the preparation of a submission to the IRS.
  • Identify practitioner duties and restrictions with respect to:
    • Information to be furnished to the IRS,
    • The practice of law,
    • Dealing with taxpayer omissions, errors, and noncompliance with U.S. revenue laws,
    • The requirement for preparer diligence as to accuracy,
    • Return of client records,
    • The existence of conflicts of interest, and
    • Solicitation of business.
  • Determine the various sanctions that may be imposed for a preparer's failure to comply with applicable conduct rules.


Prerequisites/Advanced Preparation:

None

Speaker / Author:

Paul J. Winn CLU ChFC

Education
B.A. (Philosophy), St. John's University (1961 – 1964) Law School, University of Virginia (1964 – 1965) MBA program Binghamton University (1986-1989)
CLU (1985)
ChFC (1987)

Experience
Thirty years in the life insurance and investment industry (1965 – 1995). Nineteen years as a financial writer, editor and trainer (1995 – 2014).

Mutual Life Insurance Company of New York
Product developer
Compensation officer
Agent
Sales manager

Security Mutual Life Insurance Company
General agent
Marketing vice president
Agency vice president
Vice president - strategic planning officer

Principal Financial Group
Agency Manager

Maryland Financial Corporation
President

Freelance Writer & Editor
Published book author.
Writer & editor of major mutual life insurance company’s agent training university. Creator of more than 200 insurance, securities and tax training courses in online, print and scripted classroom formats.

Insurance Industry Involvement
Member, Board of Directors, Baltimore Chapter of CLU & ChFC
Chairman of Continuing Education, Baltimore Chapter of CLU & ChFC
Moderator, GAMA Agency Managers Training Course (AMTC) Baltimore
Member, Board of Directors, Southern Tier (NY) Chapter of CLU & ChFC
President, Southern Tier (NY) Chapter of CLU & ChFC 1987-1989
Member/Secretary, Advisory Board to New York State Insurance Department 1985-1989

Buy

Price (USD)

Standard: $49.90

Details

Course Code : 99WIN14-v2

Release Date : 09/30/2020
Expire Date : 09/30/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Basic
Course Type : Self-Study
Format Type : eLearning
Mobile Compatible
Field Of Study : Regulatory Ethics


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