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Circular 230 written advice Form: What You Should Know

Revised Circular 230 โ€” Internal Revenue Service Nov 30, 2023 โ€” The IRS adopted an interpretation of Circular 230 that clarifies that the IRS only considers a particular nonpublic tax return information disclosed to a tax professional to be confidential if that information does not contain, in connection with a particular tax year, information that is otherwise tax-related. Incorrect or Unclear Guidance โ€” Publication 523 March 29, 2023 โ€” Publication 523 clarifies a number of issues relating to the disclosure of tax information. Guidance issued on March 29, 2012, is not part of the law but sets forth guidance for IRS employees. Taxpayer Assistance in Tax Matters Taxpayer Assistance in Tax Matters (TAPE) Program Jan 30, 2023 โ€” Under new regulations issued in June 2014, TAPE practitioners are required to disclose to persons or entities receiving tax advice for whom they provide tax advice (except tax professionals with respect to whom regulations do not apply), as a condition of serving as a TAPE practitioner, that (1) they do not offer tax advice to those persons, entities (or persons or companies) who have received tax advice from them in the previous 12 months, and (2) they may, and if they elect, may advise those persons, entities, and persons or companies, in some instances, that certain information about their tax liability is not generally known to them. Circular 230 ยง10.35. Pre-filling Advice to Taxpayers (except Tax Professionals) about Federal Income Tax Matters July 15, 2023 โ€” Notice 2014-33 (PDF) contains new guidance on pre-filling advice with respect to Federal income tax matters to be provided to persons with respect to whom TAPE practitioners offer tax advice. The guidance clarifies two related issues: (1) that pre-filling advice under Circular 230 does not extend to advice specifically provided to persons who have received tax advice from a person who has made a disclosure request under CIA, and (2) that an exception to this rule applies to TAPE practitioners who offer pre-filling advice to persons with respect to whom persons have filed a disclosure request under CIA. IRC Rev. 11.6(a)(16) Rev. 12.3(h)(3)(d); IRC Rev. 29.

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FAQ - Circular 230 written advice

Tax Avoidance and Minimization: Is there any reason not to sell a stock with greater than $1 million in gains before the end of 2023 and then buy the stock back right away since federal rates will probably go up by 8.8% in 2013?
Tax Avoidance and Minimization: Is there any reason not to sell a stock with greater than $1 million in gains before the end of 2023 and then buy the stock back right away since federal rates will probably go up by 8.8% in 2013?nCan I pay for something using credit card points and then deduct it as a business expense?nCan I avoid the capital gains tax on the sale of my home by changing the character of the property from a residence to an investment using a Owner Carryback Mortgage?nHave an employee I need to switch from 1099 contractor to an in house w2. She is currently paid $40k per year. I want to keep her at same rate, does that mean her gross should still be $40k as a w2?nWhat are some of the best books to learn income tax law/tax return preparation in the United States?nIf you own an S corporation in the United States do you have to take all of your income as salary or can you take some of it in the form of dividends?nAre you subject to capital gains taxes in a Roth IRA?nHow does trading bitcoin work with US taxes?nWhat are the sources of revenue in the seven US states where no income taxes are imposed?n
Can I pay for something using credit card points and then deduct it as a business expense?
Tax Avoidance and Minimization: Is there any reason not to sell a stock with greater than $1 million in gains before the end of 2023 and then buy the stock back right away since federal rates will probably go up by 8.8% in 2013?nCan I pay for something using credit card points and then deduct it as a business expense?nCan I avoid the capital gains tax on the sale of my home by changing the character of the property from a residence to an investment using a Owner Carryback Mortgage?nHave an employee I need to switch from 1099 contractor to an in house w2. She is currently paid $40k per year. I want to keep her at same rate, does that mean her gross should still be $40k as a w2?nWhat are some of the best books to learn income tax law/tax return preparation in the United States?nIf you own an S corporation in the United States do you have to take all of your income as salary or can you take some of it in the form of dividends?nAre you subject to capital gains taxes in a Roth IRA?nHow does trading bitcoin work with US taxes?nWhat are the sources of revenue in the seven US states where no income taxes are imposed?n
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