Client Alert

The Final Circular 230 Regulations: Tax Advice May Never Be The Same

June 21, 2005

Tax Advisory Practice

The Treasury Department has issued final regulations prescribing detailed requirements for written tax advice provided by tax professionals and firms who practice before the IRS. These regulations are commonly known as the “Circular 230 regulations” and will become effective on June 21, 2005. Although specifically targeted at tax professionals who render written tax advice, the Circular 230 regulations will also have a significant impact on taxpayers who seek formal tax opinions or routine advice on tax matters.