In this webinar, we will discuss sources and standards of tax ethics and best practices to ensure compliance and to avoid penalties. In reviewing the requirements of Circular 230, the AICPA Statements on Standards for Tax Services and the AICPA Code of Professional Conduct, 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, requirements for providing tax return documents to third parties, and requirements related to the retention of client records and other documents.
Key topics
1. Introduction and discussion of general ethics principles
2. Sources of Rules and Standards Related to Tax Ethics including discussion of the following sections:
§10.21 Knowledge of client’s omission
§10.22 Diligence as to accuracy
§10.27 Fees
§10.28 Return of client’s records
§10.29 Conflicting interests
§10.30 Solicitation
§10.33 Best Practices for Tax Advisors
§10.34 Standards with respect to tax returns and documents, affidavits and other papers
§10.35 Competence
§10.36 Procedures to ensure compliance
§10.37 Requirements for written advice
3. Other Rules of Conduct applicable to tax professionals
Statements on Standards for Tax Services (SSTSs)
Review SSTS #1 through # 7 with key ethical issues highlighted
Briefly discuss AICPA project to review and update SSTSs
4. To discuss the six principles and key sections applicable to tax practice and state Board Rules and Regulations.
Responsibilities
Serve the public interest
Integrity
Objectivity and Independence
Due care
Scope and nature of services
5. Risk Mitigation
The importance of engagement letters
Client acceptance and monitoring
Data security and privacy
6. Frequently Asked Questions
Learning Objectives
Recognize the major sources of malpractice claims in a tax practice
Identify the primary benefits of client engagement letters
Construct engagement letters using best practices to limit malpractice risk
Develop best practices surrounding client acceptance and monitoring
Recognize the key components of data security and privacy plans for your firm
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
ROBY SAWYERS, Ph.D., CPA, is a Professor
in the Department of Accounting at NC State University. He is an author of Federal Tax Research (Cengage Learning) as well as chapters on international
tax, state and local tax, tax research and tax practice and procedure in Corporate, Partnership, Estate and Gift
Taxation (Van-Griner) and writes frequently for leading academic, policy
and professional tax journals.
Dr. Sawyers is an active member of the American
Institute of Certified Public Accountants (AICPA) currently serving on the Tax
Practice Responsibilities Committee. He previously chaired the AICPA’s Tax
Legislation and Policy Committee as well as the Trust, Estate and Gift Tax Committee.
He has also served on the AICPA’s Tax Executive Committee and Precertification
Education Executive Committee.
FAQ
To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
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Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.
Disclaimer
All jurisdictions accept ethics courses from Registry sponsors approved by NASBA to a certain extent. However, some jurisdictions have additional requirements for ethics courses. Please click on the below mentioned link for the additional requirements.https://www.nasbaregistry.org/cpe-requirements
Refund/Cancellation Policy
For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).
Testimonial
4.8
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JM
Jason McDowell ,
Feb 23rd 2021
The webinar was very informative and the instructor provided relevant examples to reinforce the topics.
