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Circular 230—Paper #1Write a 2-page paper (Times-New Roman 12 point—double spaced) addressing the following issues.1. What entity promulgates the rules and regulations of Circular 230?2. What...

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Circular 230—Paper #1


Write a 2-page paper (Times-New Roman 12 point—double spaced) addressing the following issues.


1.
What entity promulgates the rules and regulations of Circular 230?


2.
What authority does this entity have to enforce these rules?


3.
Provide an overview of the key provisions. You do not need to provide detailed analysis of these provisions.


4.
How might these rules impact the tax practice of a CPA? Use one specific rule to support your argument.


Your paper should be written in complete sentences and paragraphs (as opposed to a series of bullet points). Your objective in this paper is to convince me that you have a solid understanding of why Circular 230 is an important guideline for tax practitioners.

rubrics-of-ethics-papers-circular-230-aicpa-ssts-fnnlqknf.xlsx circular-230-c4i5yz4t.pdf
Answered 1 days After Jan 16, 2023

Solution

Prince answered on Jan 17 2023
33 Votes
Question 1: What entity promulgates the rules and regulations of Circular 230 ?
Circular 230 is the United States Internal Revenue Service’s (IRS) compilation of regulations and guidance governing the practice of attorneys, certified public accountants (CPAs), and other tax professionals before the IRS. The IRS is responsible for setting the rules and regulations of Circular 230. These regulations are put into place to serve the public interest and protect taxpayers.
Question 2: What authority does this entity have to enforce the rules of Circular 230?
The Internal Revenue Service (IRS) is charged with enforcing the provisions of Circular 230. Circular 230 is a set of regulations issued by the U.S. Treasury Department to govern the practice of enrolled agents and other practitioners before the IRS. The regulations govern the standards for representation before the IRS and set forth rules for the practice of tax law.
Under section 330 of title 31 of the U.S. Code, the Secretary of the Treasury is granted the authority to regulate individuals appearing and practicing before...
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