2018 May/June Ethics EA Journal Exam
Due Diligence: It's Not Just About EITC anymore!
By Kathy Morgan, EA, USTCP
We should all realize by now that due diligence isn’t just about the Earned Income Tax Credit (EITC) anymore! Every entry made on a tax return requires the exercise of due diligence.
Action Required: Addressing the Complexity of Tax Practice Rules
By Marshall J. Heap, EA
This article discusses public laws regulating tax professionals’ behavior, court cases affecting Treasury’s ability to oversee tax preparers, the work of the Office of Professional Responsibility (OPR), and recent legislative initiatives in this area. It also looks candidly at several actions that could be undertaken to unravel the complexity of tax practice rules.
Is Merely Following Circular 230 Good Enough?
By David Silverman, EA
In the years since the Office of Professional Responsibility began requiring enrolled agents to complete annually two credits of continuing education in ethics or professional conduct, not one seminar I have attended on these topics has gone beyond what is stated in Circular 230.
Tax Court Corner: When Does the Six-Year Statute of Limitations Apply to the Reporting of Specified Foreign Financial Assets?
Mehrdad Rafizadeh, Petitioner v. Commissioner of Internal Revenue Respondent 150 T.C. No. 1
Filed October 2, 2017
By Steven R. Diamond, CPA
The Foreign Account Tax Compliance Act (FATCA) provides that any individual who holds an interest in a specified foreign financial asset during the tax year must file Form 8938 (Statement of Specified Foreign Financial Assets) with his or her tax return to report certain information for each asset if the total value exceeds an applicable threshold amount. This reporting requirement was imposed under IRC Sec. 6038D, which was enacted on March 18, 2010.