Covered Opinions

[IdaRowe Tuttle]

After reading Pub 947 Practice Before the IRS and Power of Attorney, I felt I had a better understanding of what is required to practice before the IRS and the power of attorney. in all thins we need to strive for accuracy.

As an enrolled agent we need to act upon good faith and reasonable grounds. While the government dores not tell us how much we can charge, it does say that we must not charge contingent fees. We don't base charges on the amount of refund or an event.

We work in confidentiality. We don't talk about our cases and protect the privacy of our clients.

While we rely on the information our clients tell us , we still must filter what they have said. Does it make sense? Is unit something that is reasonable, necessary, likely to be accepted if the client was audited. When it is not, what is our obligation to the client? Ignore it, let the client know, let tithe client know the possible consequences of his actions, and what can be done to correct the problem.

What is a "covered opinion"? A reliance opinion? A marketed opinion? Do you know what covered opinions cover and what they do not?

We will also be talking about "best practices and requirements for written advice.
Until Tuesday, Ida EA