Assignment 1: Team Tax Practice Project

Tax professionals operate within a set of regulations governing their practice, including the adherence to ethical standards. In Unit 4, your team will complete a Tax Research assignment on tax practitioners' Professional Environment. Complete and submit the following deliverables in one Word document (the word length must be followed again as clients frequently want answers and not so much narrative):

1. Research on the IRS' Rules of Practice published in the Code of Federal Regulations (Circular 230). In one page, single spaced, summarize a) the duties and restrictions relating to tax practice and b) conduct considered to be incompetent or disreputable.
2. Research on the American Institute of Certified Public Accountant (AICPA) enforceable tax ethics. In one page, single spaced, summarize the AICPA's guidance on Tax Ethics & Professional Standards.
3. Your tax client, Timpanogos, Inc, has written to your office inquiring about your ability to represent the company before the IRS. In a one-page memo, reply to the CFO of Timpanogos, Inc and demonstrate that you possess the professional competency and experience. Remember to reference resources you summarized in deliverables 1) and 2) as part of your demonstration to the CFO.