Due Diligence Requirements: Circular 230 and Other Professional Standards 2024

Overview

Recent IRS management comments and enforcement activity indicate rising due diligence inquiries and analyses will be expected of tax preparers concerning information supplied by taxpayers. Learn to avoid exposure to disciplinary actions. Tax practitioners should be aware of recent developments and activity in other Circular 230 and tax practice and procedural areas to avoid disciplinary actions by the IRS. Companion course: Addressing Conflicts of Interest and Errors on Tax Returns 2024

Highlights

• Due diligence requirements under Treasury guidance, including supervisory responsibilities
• Due diligence requirements under professional standards
• Increased expectations for inquiry and analysis?
• Meeting increased expectations: informing clients and defensive measures for practitioners
• Due diligence for preparer advice responsibilities

Prerequisites

Tax practitioners with two years experience and a working knowledge of the AICPA Statements on Standards for Tax Services and IRS Circular 230.

Designed For

CPAs, EAs, and other tax return preparers.

Objectives

• Obtain an understanding of due diligence requirements under current law and professional standards
• Learn about the IRS push for increased practitioner due diligence in ensuring taxpayer compliance
• Obtain information about how to respond, if necessary, to increased due diligence requirements; it's never too soon to start

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.