New ethics rules: Circular 230 amended.

• Position: IRS UPDATE - Internal Revenue Service - Brief Article

The Treasury Department and IRS have amended Circular 230, which outlines ethical behavior for tax professionals, to curb abusive tax avoidance transactions.

The final regulations provide best practices for all tax advisers; mandatory requirements for written advice that presents a greater potential for concern; and minimum standards for other advice.

The mandatory requirements for written advice prohibit practitioners from providing advice that, for example, relies...