| Title: |
Ethics in Tax Practice: New York |
| Prerequisite: |
None |
| Advanced Preparation: |
None |
| Knowledge Level: |
Basic |
| Subject Matter Area: |
Regulatory Ethics |
| Date of Publication: |
May 2007 |
| Copyright © |
2007 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
4 QAS/Registry (50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
CPAs who prepare tax returns and represent taxpayers before the IRS and New York State tax authorities are subject to a variety of rules that regulate their professional conduct. There are four sets of ethical guidance that interact to provide a strong ethical framework for the CPA's practice of preparing tax returns and providing tax advice. In addition to observing the rules of practice established by the New York State Board of Regents, CPAs who are members of the AICPA must also follow rules of conduct imposed by that organization. The AICPA's General Standards and Statements on Standards for Tax Services establish ethical standards for CPAs when practicing before any taxing authority-state, local, or federal. Treasury Department Circular 230 governs practice before the IRS for any authorized federal tax practitioner-a class limited to Attorneys, CPAs, Enrolled Agents, and Enrolled Actuaries. The New York State Society of Certified Public Accountants has adopted a comprehensive Code of Professional Conduct that applies to all services performed by CPAs who are members of the Society. Beginning with the New York Accountancy Regulations, this program examines each guidance document, in turn, for the purpose of explaining the document to the participant and how each relates to the other.
This program is divided into five (5) chapters and five (5) appendices.
Chapter 1 considers the New York State Accountancy Regulations and Disciplinary Actions.
Chapter 2 provides in-depth coverage of Treasury Department regulation of tax matters.
Chapter 3 focuses on the AICPA Statements on Standards for Tax Services.
Chapter 4 examines the Code of Professional Conduct of the New York State Society of CPAs.
Chapter 5 presents several case studies that address the issues of: the meaning of "preparer" for purposes of IRC §6694; the preparer's duty to maintain confidentiality; preparer due diligence and negligence; the duty to return client records; and misconduct.
Appendix A contains the New York Accountancy Regulations, Title 8, Rules of the Board of Regents, Part 29.
Appendix B contains Treasury Department Circular 230.
Appendix C contains IRS Form 2848, Power of Attorney and Declaration of Representative and IRS Form 8275, Disclosure Statement.
Appendix D contains the AICPA's Statements on Standards for Tax Services.
Appendix E contains the Code of Professional Conduct of the New York State Society of Certified Public Accountants.
E. Lynn Nichols, CPA (PA), a practicing CPA for more than 35 years, is the founder of Nichols CPE Incorporated, a developer of continuing education programs and practice aids for CPAs. He is a regular contributor to CPE Network, a volunteer member of the tax division of the AICPA, a member of the Board of Visitors of the School of Accounting in the College of Business of the University of Oklahoma, and a former member of the Editorial Board of the Ohio CPA Journal. Mr. Nichols serves as an advisor to CPA firms on matters of federal income taxation, litigation services, and IRS procedures. He has authored more than 20 highly-rated tax CPE programs and his Current Federal Tax Developments program is always among the highest rated in the nation. (Author/Speaker)
John L. Norman, Jr., JD, is an attorney in private practice in Washington, D.C., where he specializes in closely held business organizations, as well as estate and financial planning. He is the former National Director of Taxation for the accounting firm Pannell Kerr Forster, and the Director of Tax Policy for Potomac Electric Power Company. He previously taught at the College of William and Mary and George Washington University. (Speaker)