In this webinar, we will discuss sources and standards of tax ethics and best practices to ensure compliance and avoid penalties. In reviewing the requirements of Circular 230, the AICPA Statements on Standards for Tax Services, the AICPA Code of Professional Conduct, the IESBA's Tax Planning Standards, the NAEA Code of Ethics and Rules of Professional Conduct along with rules and regulations from State Boards of Accountancy, we will touch on common practice issues including what standards must be met to take a position on a tax return, when you can omit an answer to a question on a tax return, when you must verify information provided by a taxpayer or third party, the use of estimates, correcting errors and omissions on returns, responsibilities when faced with a conflict of interest, and the form and content of advice provided to taxpayers. We will also discuss the necessity of establishing data security plans, providing tax return documents to third parties, and requirements related to the retention of client records and other documents.

Learning Objectives:

• Recall general ethics principles


• Recognize the key elements of Treasury Department Circular 230 (applicable to those who practice before the IRS)


• Recall the key principles and rules applicable to AICPA members in the AICPA Code of Professional Conduct


• Outline requirements for AICPA members providing tax services as stated in the Statements on Standards for Tax Services (SSTSs)


• Outline the requirements for NAEA members as stated in the NAEA Code of Professional Conduct


• Review other ethical rules promulgated by state boards and the IESBA