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ENROLLED AGENT PRT 3 (3 OF 4) QUESTIONS AND ANSWERS 100% PASS $12.49
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ENROLLED AGENT PRT 3 (3 OF 4) QUESTIONS AND ANSWERS 100% PASS
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ENROLLED AGENT PRT 3 (3 OF 4) QUESTIONS AND ANSWERS 100% PASS According to Circular 230, what is a conflict of interest? - Representation of a client that is materially limited by the tax professional's responsibilities to other clients is a conflict of interest. See Circular 230 §10.29. A ...

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  • January 8, 2025
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • enrolled agent prt 3 3 of 4 questions and answer

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  • EA - Enrolled Agent
  • EA - Enrolled Agent

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ENROLLED AGENT PRT 3 (3 OF 4)
QUESTIONS AND ANSWERS 100%
PASS

According to Circular 230, what is a conflict of interest? - ✔✔Representation of a client that is materially

limited by the tax


professional's responsibilities to other clients is a conflict of interest.


See Circular 230 §10.29.


A tax professional may represent clients even in the presence of a


conflict of interest. What type of informed consent must be obtained


from the affected clients in this situation? - ✔✔A written waiver of the conflict of interest, signed by the

affected


clients, is required. A copy of the waiver must be retained by the tax


professional for at least 36 months from the date of the conclusion of


the representation and be provided to the IRS upon request. See Circular 230 §10.29.


Based on Circular 230, when may the IRS suspend a tax professional? - ✔✔The IRS can suspend a tax

professional for incompetence. Circular 230 does not cover alcoholism, clinical depression, or personal

bankruptcy.


A tax practitioner may represent a client, even in the presence of a



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conflict of interest, by obtaining an informed signed consent to a


waiver of the conflict. The waiver must be: - ✔✔A tax practitioner who represents a client in the presence

of a conflict


of interest must obtain an informed signed consent to a waiver of the


conflict, retain the waiver for at least 36 months from the date the


representation concludes, and provide it to the IRS upon request.


Is it a conflict of interest when, on April 9 (close to the end of the filing


season), an EA delays return preparation for existing clients and


devotes the entire week to a new client's audit.? - ✔✔Yes, it is a conflict of interest.


When researching tax issues, a tax professional will want to consider: - ✔✔When researching tax issues, a

tax professional should consider all


of the listed resources, IRS regulations, court cases, and revenue rulings.


What reference is the first resource to determine whether the IRS has


announced an opinion on a Tax Court decision? - ✔✔If the IRS decides to announce its opinion

(acquiescence or nonacquiescence)


of a Tax Court decision, it issues the original announcement in the Internal Revenue Bulletin.


What is secondary authority? - ✔✔Secondary authority explains or summarizes the law, but does not


have the force of law. Revenue rulings are secondary authority.


What is primary authority? - ✔✔Primary authority is the actual law. Court decisions are one example.




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