REG — Quick Sheet
Circular 230 & Practitioner Ethics
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One-minute revision
- Circular 230 covers attorneys, CPAs, EAs, enrolled actuaries, ERPAs practicing before the IRS
- Client error discovered → tell the client; do not tell the IRS without consent; do not unilaterally correct
- Return client records on request even if fees unpaid
- Contingent fees: banned for original returns; allowed for amended returns/refund claims within 120 days of a written exam notice, IRS exams, and judicial proceedings
- Conflicts: need informed written consent, retained 36 months
- Sanctions: censure, suspension, disbarment, monetary penalty