Assignment: ETHICS IN A TAX PRACTICE
Treasury Department Circular 230
Under Circular 230, an accountant is only required to notify her client if she becomes aware of an error in her client's tax returns.She is not required to prepare and file an amended return or to notify the IRS. Discuss the ethical reasons for this policy. Do you agree, or do you believe that the accountant should be required to take affirmative action to correct the return?
Currently, virtually anyone can prepare tax returns. There are no minimum qualifications or education requirements. What can, and should, the IRS and/or Congress do to set a minimum standard for paid tax return preparers?