1. REVIEW OF PROFESSIONAL RESPONSIBILITY OF TAX PROFESSIONALS CIR 230: HTTP://WWW.IRS.GOV/PUB/IRS-PDF/PCIR230.PDF PTIN & Cir. 230

2. Tax Professionals IRS Information: http://www.irs.gov/Tax-Professionals/Circular-230-Tax- Professionals PTIN Information: http://www.irs.gov/Tax-Professionals/PTIN-Requirements-for- Tax-Return-Preparers Taxpayer Protection and Preparer Proficiency Act of 2015: http://www.finance.senate.gov/imo/media/doc/The%20Taxpa yer%20Protection%20and%20Preparer%20Proficiency%20A ct%20of%202015.pdf

3. PTIN? You must have a PTIN to prepare tax returns for compensation. You must be 18 years of age. A Preparer Tax Identification Number (PTIN) is a number issued by the IRS to paid tax return preparers. It is used as the tax return preparer’s identification number and, when applicable, must be placed in the Paid Preparer section of a tax return that the tax return preparer prepared for compensation. There is an initial fee of $64.25 and an annual renewal fee of $63.00. http://www.irs.gov/Tax-Professionals/Frequently-Asked- Questions:-Do-I-Need-a-PTIN%3F

4. Future PTIN Regulation The Wyden-Cardin bill would fix all that, requiring preparers to demonstrate competency to IRS satisfaction. But some say it is all about complexity. According to Sen. Wyden, “It’s bad enough that taxpayers have to navigate their way through an overly complex tax code, but worse that many also unknowingly rely on fraudulent or incompetent tax preparers to help with their returns.” “This bill helps protect hard working taxpayers by ensuring that tax preparers are held to clear and enforceable standards.” http://www.forbes.com/sites/robertwood/2015/01/12/b ill-gives-irs-power-over-tax-prep-but-should-it/ http://www.forbes.com/sites/robertwood/2015/01/12/b ill-gives-irs-power-over-tax-prep-but-should-it/

5. Best Practices This is an IRS prepared file outlining duties and practices of Tax Professional http://www.irs.gov/pub/irs- utl/circular_230_best_practices.pdf http://www.irs.gov/pub/irs- utl/circular_230_best_practices.pdf Cir. 230 reveiw: http://www.irs.gov/pub/irs- pdf/pcir230.pdfhttp://www.irs.gov/pub/irs- pdf/pcir230.pdf

6. Cir. 230 Diligence Requirement Under Circular 230, section 10.34(d), a practitioner may generally rely, in good faith and without verification, on information furnished by a client. However, good faith reliance contemplates that a practitioner will make reasonable inquiries when a client provides information that implies possible participation in overseas transactions/accounts subject to FBAR requirements. A practitioner may reply on information provided by the client in good faith. However, a practitioner may not ignore the implications of any information provided to or actually known by the practitioner. If the information furnished by the client appears to be incorrect, inconsistent with other known facts, or in complete, the practitioner is required to make further inquiry. http://www.irs.gov/pub/irs- utl/Professional%20Responsibility%20and%20the%20Report%20of%20F oreign%20Bank%20and%20Financial%20Accounts%20web%20write- up%206-7-2013.pdf