Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Wednesday, June 18, 2014

Six Changes From the New Circular 230 Regs

ChangeAs I have previously discussed, the Final Regs for Circular 230 have been published in the Federal Register, and set the standards to be followed by tax advisors when giving written tax advice to their clients. Here are six of the changes to requirements that relate to written advice:

  1. An advisor must reasonably identify relevant facts, but no longer has to include a description of the facts relied on in the written communication.
  2. An advisor no longer has to include specific disclaimers in email and other written communications.
  3. The new Regs do not apply to comments submitted to the government on general policy matters.
  4. The possibility of a settlement may be considered by advisors when giving advice.
  5. A reasonable practitioner standard will apply when the advice will included in promotion materials.
  6. The new regs cover advice relied on by the advisor that comes from any other person.

See Jerald D. August, Treasury And Internal Revenue Service Issue New Final Regulations On The Rendering Of Written Tax Advice, Mondaq, June 11, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.


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