Tax Advice & CPA Privileges: Navigating Professional Standards

Overview

Your health is one of your most valuable assets, and the decisions you make around it can shape both your financial future and quality of life. This course breaks down the key options for medical coverage, from workplace plans to government exchanges and health savings accounts. You’ll gain a clearer view of how to protect your clients “and yourself” from financially devastating health events by analyzing the personal, tax, and financial factors that matter most.

Highlights

Overview of the various types of advice tax professionals provide clients
The preparer penalties
The duty to advise clients with regard to potential taxpayer penalties
The primary AICPA rules with regard to advising and communicating tax advice
Circular 230 and the IRS Office of Professional Responsibility oversight and disciplinary authority
The Federally Authorized Tax Practitioner (FATPs)
Understanding the attorney-client privilege
The Section 7525 Statutory Privilege and Limitations
The Work-Product Doctrine and Privilege and Limitations
Kovel Engagements and Limitations

Prerequisites

Tax practitioners with two years experience and a working knowledge of the AICPA Statements on Standards for Tax Services and IRS Circular 230.

Objectives

Recognize the key professional standards and regulatory requirements for providing tax advice to clients.
Identify the scope, limitations, and practical application of confidentiality privileges available to CPAs and other non-attorney tax professionals.
Determine best practices for balancing professional standards with privilege considerations when advising clients and documenting communications.

Preparation

None.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.