The US Internal Revenue Service (IRS) is planning to drop the complex rules governing written opinions supplied by tax-planning advisors, and replace them with a single simplified regulation applying to all tax advice.
The IRS has acknowledged the force of this criticism and published proposals to replace Circular 230 with a simpler catch-all regulation.
This new standard requires the advisor to base all written advice on reasonable factual and legal assumptions, exercise reasonable reliance, consider all relevant facts, and use reasonable efforts to identify and ascertain the relevant facts.
There is no longer an obligation to list all the relevant facts and law in the written advice. Some of the disclaimer requirements are also being relaxed.
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