{"id":138048,"date":"2025-01-17t12:00:44","date_gmt":"2025-01-17t17:00:44","guid":{"rendered":"\/\/www.g005e.com\/?p=138048"},"modified":"2025-01-17t23:42:51","modified_gmt":"2025-01-18t04:42:51","slug":"major-changes-to-circular-230-implications-for-tax-professionals-cornerstone-report","status":"publish","type":"post","link":"\/\/www.g005e.com\/2025\/01\/17\/major-changes-to-circular-230-implications-for-tax-professionals-cornerstone-report\/","title":{"rendered":"major changes to circular 230: implications for tax professionals | cornerstone report"},"content":{"rendered":"

this cornerstone report analyzes the key differences between the current and proposed rules, focusing on the implications for professional tax practitioners, especially cpas and enrolled agents.<\/strong><\/p>\n

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<\/h6>\n
comparison to current rules<\/strong><\/h6>\n\n\n\n\n\n\n\n\n\n\n
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regulatory area<\/strong><\/h6>\n<\/th>\n
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current circular 230 rules<\/strong><\/h6>\n<\/th>\n
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proposed changes<\/strong><\/h6>\n<\/th>\n<\/tr>\n<\/thead>\n
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registered tax return preparers<\/h6>\n<\/td>\n
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\u00a0 irs-regulated rtrps under \u00a7 10.3-10.6<\/h6>\n<\/td>\n
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\u00a0 eliminated<\/strong>, irs no longer regulates tax preparers<\/h6>\n<\/td>\n<\/tr>\n
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contingent fees<\/h6>\n<\/td>\n
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\u00a0 allowed in limited cases (e.g., audits, refund claims within 120 days of irs notice).<\/h6>\n<\/td>\n
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\u00a0 completely banned; now classified as \u201cdisreputable conduct\u201d<\/strong><\/h6>\n<\/td>\n<\/tr>\n
\n
diligence in tax return preparation.<\/h6>\n<\/td>\n
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\u00a0 applies to all tax returns.<\/h6>\n<\/td>\n
\n
\u00a0 limited<\/strong> to cases where tax return relates to irs representation<\/h6>\n<\/td>\n<\/tr>\n
\n
appraiser standards<\/h6>\n<\/td>\n
\n
\u00a0 irs could only disqualify appraisers penalized under irc \u00a7 6695a<\/h6>\n<\/td>\n
\n
\u00a0 stronger compliance standards<\/strong>; appraisers must follow uspap\/iv<\/h6>\n<\/td>\n<\/tr>\n
\n
technological competence<\/h6>\n<\/td>\n
\n
\u00a0 not explicitly required<\/h6>\n<\/td>\n
\n
\u00a0 practitioners must understand digital risks and security<\/strong><\/h6>\n<\/td>\n<\/tr>\n
\n
business continuity planning<\/h6>\n<\/td>\n
\n
\u00a0 no explicit requirements<\/h6>\n<\/td>\n
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\u00a0 practitioners must develop succession plans<\/strong><\/h6>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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by 卡塔尔世界杯常规比赛时间 research
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the u.s. treasury department and internal revenue service have proposed significant updates to circular 230, which governs practice before the irs.<\/p>\n

more cornerstone reports:<\/strong>\u00a0gen ai in accounting: epic transformation, or overheated hype?<\/a> |\u00a0jobs outlook: strong and steady growth in hiring and earnings for u.s. accountants<\/a> |\u00a0explaining the talent shortage in one big chart<\/a> |\u00a0battling the staffing crisis: is a little-known, but controversial, visa program the answer?<\/a> |\u00a0salary and compensation outlook for small cpa firms 2025<\/a> | a brief history of the us income tax, the internal revenue service, and the tax, accounting and cpa profession<\/a> | <\/span>卡塔尔世界杯常规比赛时间 almanac: key data points for the tax, accounting and finance profession<\/a><\/p><\/blockquote>\n

they couldn’t have chosen a worse time to release the proposal \u2013 dec. 26, the day after christmas, dec. 26, just before tax season 2025. comments are due feb. 24, with a public hearing on march 6.<\/p>\n

only the irs, it seems, would be surprised if you’re too busy to attend.<\/p>\n

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assessment of regulatory burden<\/strong><\/p>\n

while the proposed changes to circular 230 are significant, they do not appear to impose substantial new regulatory burdens on tax professionals. many changes clarify existing rules, codify best practices, or align the regulations with current law and court decisions. however, some aspects of the proposed rules may increase compliance costs or administrative burdens for practitioners:<\/p>\n