IRS Practice Series: Conflicts of Interest
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Ethics for EAs and OTRPs
2 hours Ethics for CTEC |
It's essential that Circular 230 practitioners recognize and avoid conflicts of interest, as well as when to step away from clients who experience them. Course participants learn more about conflict-of-interest rules, disclosures, and other important issues, as well as helpful resources for future use and how they are affected by COVID19 issues and disclosures.
Publication Date: August 2021
Designed For
Tax practitioners at all levels regardless of tax practice, who work with couples and business with more than one owner. Additionally, CPAs and EAs wishing to protect themselves and their clients from misunderstandings.
Topics Covered
- Conflict of Interest rules in Circular 230
- Karen Hawkins Conflicts
- Couples Conflict
- Partners — Business Assoc. Conflicts
- Bring an Attorney in? Kovel
- Conflict Forms
- Disclosures
- Resources
Learning Objectives
- Identify current or potential conflicts of interest
- Recognize the nature and extent of the conflict and to either extricate yourself from the situation
- Differentiate when to protect yourself and all parties involved
- Identify what Circular 230 says about Conflicts of Interest
- Identify how the practitioner may represent a client if all conditions hold true, notwithstanding the existence of a conflict of interest
- Recognize what is not a potential conflict of interests that must concern a tax professional
- Describe how issues will affect the wife's potential income tax or penalty liability, in the case about the psychiatrist
- Describe what "jointly and severally liable" means
- Identify what kinds of situation you wouldn't need to get a Section 7216 disclosure signed
- Differentiate when a conflict of interest exists in various cases
- Recognize when the Trust Fund Recovery Penalty (TFRP) can be assessed against all of these parties
- Identify when potential conflicts of interests do not require consent forms and disclosures
- Learn how long conflict records must be maintained
- Describe what section of Circular 230 defines conflicts of interest
- Recognize what informed consent is
- Recognize true statements regarding the circumstances under which a practitioner may represent clients notwithstanding the existence of a conflict of interest
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Regulatory Ethics (2 hours)
Program Prerequisites
IRS Practice Series: Circular 230 Considerations and Requirements or equilvalent knowledge.
Advance Preparation
None
