Video: Circular 230

In this lesson, Nick Palazzolo, CPA, demystifies Circular 230, a crucial document published by the IRS that outlines the ethical and professional conduct for those practicing before the IRS. With his characteristic wit, Nick emphasizes the document’s importance for tax return preparers and further elaborates on who is considered a tax return preparer. As he walks through the subparts of Circular 230, he sheds light on the various rules practitioners must abide by, such as adhering to duties, avoiding conflicts of interest, and ensuring due diligence. Nick breaks down the complex stipulations into digestible parts, providing clarity on what actions can lead to disciplinary measures including sanctions or disbarment. He also delves into the requirements for continuing professional education to maintain compliance, making sure to highlight what one needs to know without getting bogged down in memorizing which rules fall under each subpart. His engaging approach takes the learner through the nuts and bolts of practicing tax law both ethically and effectively in accordance with IRS standards.