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Home > Ethics > Ethics in Tax Practice: New York
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Knowledge Level
Copyright 2015

Publication Date
March, 2015
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Ethics in Tax Practice: New York
Introduction Organization Learning Objectives Author Bios
Title: Ethics in Tax Practice: New York
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Regulatory Ethics
Date of Publication: March 2015
Copyright © 2015 by Thomson Reuters/Tax & Accounting All rights reserved.
Recommended CPE Credits: 4 QAS/Registry (based on 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 that includes attorneys, CPAs, enrolled agents, and registered tax return preparers. 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.

Use of Materials

The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

This program is divided into four (4) chapters and six (6) appendices and a glossary.

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.

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 Ccontains proposed changes to Circular 230.

The Appendix D contains the AICPA's Statements on Standards for Tax Services.

The Appendix E contains the Code of Professional Conduct of the New York State Society of CPAs.

The Appendix F contains IRS forms and instructions, including Form 2848, Power of Attorney and Declaration of Representative, Form 8275, Disclosure Statement, Form 8275-R, Regulation Disclosure Statement, and Form 8886, Reportable Transaction Disclosure Statement.

The Glossary defines frequently used terms.

Helpful Guidance

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A BiskCPEasy alert is intended to warn the practitioner of a particular tax situation that may require action or other consideration by the taxpayer or the practitioner on behalf of the taxpayer.

A BiskCPEasy point presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A BiskCPEasy tip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

Upon successful completion of this program, the user should be able to:

  • recognize the relationships among Circular 230, the Internal Revenue Code, the New York State Accountancy Regulations, the Code of Professional Conduct of the New York State Society of CPAs and the AICPA Statements on Standards for Tax Services;

  • interpret and apply the New York Rules to the CPA's tax practice; explain what a federally authorized tax practitioner can and cannot do with respect to tax practice issues, such as return of clients' records, contingent fees, supervision of assistants, tax return positions, etc.;

  • recognize sanctions and penalties the IRS can bring to bear on a noncompliant practitioner;

  • explain the ethical guidance that is provided by the AICPA Statements on Standards for Tax Services; and

  • describe how the Code of Professional Conduct of the New York State Society of CPAs applies to a Society member's tax practice.

E. Lynn Nichols, CPA (PA), a practicing CPA for more than 45 years, is the founder of Nichols Patrick CPE, Inc., a developer of continuing education programs and practice aids for CPAs. He is a regular contributor to CPE Network®. Mr. Nichols was twice honored by the Ohio Society of CPAs for service to the accounting profession. Mr. Nichols serves as an advisor to CPA firms across the U.S. on matters of federal income taxation, litigation services, and IRS procedures. (Author)

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