Addressing Conflicts of Interest and Errors on Tax Returns 2024

Overview

This course will cover an advanced-level review of rules regarding error discovery during tax return preparation. Learn reporting requirements and advisement in these situations. The discovery of errors in a taxpayer’s Federal return during preparation or an administrative proceeding and addressing conflicts of interest are among the most challenging issues for tax professionals. Understanding the professional standards and rules is paramount to avoid a violation. Companion Course: Due Diligence Requirements: Circular 230 and Other Standards 2024

Highlights

• Overview of the rules about discovering an error in a return either when rendering future preparation services or during representation in an administrative proceeding
• Discussion of the duty to 'advise' clients concerning potential taxpayer penalties associated with discovering an error or omission
• Discussion of the Circular 230 requirements when a conflict of interest exists in a client engagement
• Circular 230 and the IRS Office of Professional Responsibility oversight and disciplinary authority

Prerequisites

Tax practitioners with 2 years experience and a working knowledge of the AICPA Statements on Standards for Tax Services and IRS Circular 230.

Designed For

CPAs, EAs and tax preparers.

Objectives

• Recognize the various regulatory and professional requirements associated with discovering errors and conflict of interest issues that confront the tax practitioner
• Identify critical areas to be addressed in advising on discovering an error, including required communications with the taxpayer and related engagement matters
• Recognize the need to document the advice given when an error is discovered and the possible consequences
• Recognize the need to monitor potential conflicts of interest and the steps necessary to determine if continued representation is feasible when an actual conflict exists
• Determine the required documentation when a conflict of interest exists

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.