Circular 230
Lesson:
The Treasury Department Circular 230 covers the regulations over people who practice before the Internal Revenue Service.
Violations of these regulations can be punished severely, so it's important to understand the document's contents.
You're going through Circular 230, trying to understand its contents.
How should preparers limit their conflict of interest?
Answer:
- Preparers should never have any conflicts of interest. If there is no conflict, but clients may have unaligned goals, all clients must provide consent within 30 days.