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Tax Practice Ethical and Legal Standards

Overview

2.0 Credits
IN-PERSON

This two CPE hour tax ethics course has three objectives. First, is to cover the controlling professional tax practice standards of the AICPA and IRS. Second, is to spend some time exploring problematic tax situations where the CPA has a relatively high professional liability exposure. Third, we suggest protective tax engagement letters to clarify any future problematic liability issues, In the class we spend some time on problematic tax situations and what protective wording in an engagement letter may be helpful.

Objectives

* Cover the controlling professional tax practice standards of the AICPA and IRS

* Spend some time exploring problematic tax situations where the CPA has a relatively high professional liability exposure

* Explore some protective tax engagement letters to clarify any future problematic liability issues

Major Topics

*Focus on all three aspects of a CPA’s tax practice

*First, client advance transaction planning; second, preparation of the actual tax return to be filed with the government; and third, representing the client during a subsequent audit by a revenue agent

*The CPA’s roles here and ethical position may change as well as the degree of responsibility and potential damages from both the client and taxing authorities

Prerequisite

None

Advanced Preparation

None
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