A tax advisor is a financial expert especially trained in tax law. "Tax code" redirects here For the term as used in the United Kingdom PAYE system see Tax code (PAYE. Some countries require tax advisors to verify the balance sheets of companies above a certain size. In Financial accounting, a balance sheet or statement of financial position is a summary of a person's or organization's balances Individuals usually require tax advisors to minimize taxation, to avoid learning the details of tax law in complicated financial situations themselves or to learn the details of tax law from a professional advisor.
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United States
In the United States, tax preparers are regulated but not licensed by the Internal Revenue Service of the United States Department of the Treasury. The The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. There are penalties for failure to disclose the identity of the preparer on the return, for the failure to give the taxpayer a copy of the return, and for negligence in preparing the return.
Practice before the Internal Revenue Service is regulated by Treasury Department Circular No. 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers before the Internal Revenue Service[1]. Most practice is limited to attorneys, Certified Public Accountants (CPAs), Enrolled Agents, and Enrolled Actuaries. An attorney at law (or attorney-at-law) in the United States is a practitioner in a court of law who is legally qualified to prosecute Certified Public Accountant ( CPA) is the Statutory title of qualified Accountants in the United States who have passed the Uniform An Enrolled Agent (or EA) is a tax professional recognized by the United States federal government to represent taxpayers in dealings with the Internal An Enrolled Actuary (or EA) is an Actuary who has been licensed by a Joint Board of the Department of the Treasury and the Department of Labor Rendering tax advice is also regulated by Circular 230. Circular 230 sets forth the rules to practice before the Treasury Department and is governed by regulations that appear in Title 31 Part 10 of the Code of Federal Regulations
Failure to uphold these standards can result in disciplinary action ranging from reprimand to permanent disbarrment from practice.
DUTY OF TAX ADVISORS
Circular 230, Reg 10. 33(a): Best practices. Tax advisors should provide clients with the highest quality representation concerning Federal tax issues by adhering to best practices in providing advice and in preparing or assisting in the preparation of a submission to the Internal Revenue Service. In addition to compliance with the standards of practice provided elsewhere in this part, best practices include the following:
(1)Communicating clearly with the client regarding the terms of the engagement. For example, the advisor should determine the client's expected purpose for and use of the advice and should have a clear understanding with the client regarding the form and scope of the advice or assistance to be rendered.
(2)Establishing the facts, determining which facts are relevant, evaluating the reasonableness of any assumptions or representations, relating the applicable law (including potentially applicable judicial doctrines) to the relevant facts, and arriving at a conclusion supported by the law and the facts.
(3) Advising the client regarding the import of the conclusions reached, including, for example, whether a taxpayer may avoid accuracy- related penalties under the Internal Revenue Code if a taxpayer acts in reliance on the advice.
(4)Acting fairly and with integrity in practice before the Internal Revenue Service.
Notes
- ^ Codified in regulations at 31 C. F. R. subtitle A, part 10.
See also
External links
- AICPA American Institute of Certified Public Accountants
- Steuerberater European Public Accountants
Certified Public Accountant ( CPA) is the Statutory title of qualified Accountants in the United States who have passed the Uniform Taxes in Germany —being a Federal Republic —are levied by the federation ( Bund) the States ( Länder) as well as the The Worshipful Company of Tax Advisers is a Livery Companies of the City of London.
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