Internal Revenue Bulletin: 2005-4
January 24, 2005
Final regulations under section 330 of title 31 of the U.S. Code revise regulations governing practice before the IRS (Circular 230) that set forth best practices for tax advisors providing advice to taxpayers relating to federal tax issues or submissions to the Internal Revenue Service and modify the standards for certain tax shelter opinions.
Proposed regulations under section 330 of title 31 of the U.S. Code amend provisions of Circular 230 (Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, etc.) relating to state or local bond opinions. A public hearing is scheduled for March 22, 2005.
In July 2004, the Service issued a revision to Form 656, Offer in Compromise. The purpose of this announcement is to highlight the addition of a “check-the-box” disclosure authorization (new Item 14), which allows the taxpayer to designate someone to assist him or her while the Service is processing the offer.
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