Circular 230 are the IRS rules for all individuals preparing tax returns or giving tax advice for compensation. The following are some of the rules included in Circular 230. Paid tax preparers must:
Penalties may be applied for noncompliance.
Circular 230 also provides provisions of what paid preparers cannot do as well as distinguish between a RTRP’s limited right to practice vs. other Circular 230 practitioners. The regulations also provide rules for certain ethical situations.
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