IRS releases final circular 230 regulation amendments.

• Position: IRS News - Tax shelters - Brief Article

The IRS has published final regulations regarding amendments to Circular 230 involving non-tax shelter related practice before the IRS.

Over the next few months, the IRS is expected to re-propose amendments to Circular 230 involving tax shelter related practice matters.

Circular 230 governs the right of CPAs, attorneys, enrolled agents and enrolled actuaries to practice before the IRS.

The major provisions of the final regulations include:

* Sec. 10.20 requires (under certain conditions) that a practitioner provide information to the IRS regarding the identity of persons who may have possession or control of requested documents.

* In addition to a requirement to notify a client about any noncompliance, error or omission on a client's part, Sec. 10.21 generally provides that a practitioner must advise the client of the consequences of such noncompliance, error or omission.

* Sec. 10.27 clarifies the rules governing the prohibition on practitioners receiving a contingent fee for...