As part of efforts to tighten ethical standards for tax professionals and curb abusive tax shelters, the Treasury has issued final regulations amending Treasury Circular 230, which governs the practice of attorneys, accountants and other tax professionals before the Internal Revenue Service.
The revisions provide standards of practice for written advice that reflect current best practices and are intended to curtail the use of opinion letters to provide protection from tax shelter penalties, according to the IRS. The regs provide mandatory requirements for practitioners who provide such opinions.
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