In short
Circular 230 is the set of Treasury regulations governing practice before the Internal Revenue Service by attorneys, certified public accountants, enrolled agents and others.
Key takeaways
- A practitioner who learns of a client's error or omission must tell the client promptly and explain the consequences.
- Contingent fees are generally prohibited, with limited exceptions.
- Sanctions include censure, suspension, disbarment and monetary penalties.
Where it's tested
REG: Circular 230 & Practitioner Ethics — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A CPA discovers that a client's previously filed return contains a material error. Under Circular 230, what must the CPA do?