On June 12, 2014 the Department of Treasury and Internal Revenue Service (hereinafter the “Service”) issued final regulations that made noteworthy amendments to Circular 230. As a reminder, Circular 230 sets forth the requirements and responsibilities of tax professionals (e.g., Certified Public Accountants, Attorneys, Enrolled Agents, and Enrolled Actuaries) admitted to practice before the Service. The final regulations recognize that the Covered Opinion Rules are no longer necessary, and have been replaced with new standards for issuing written tax advice. As a consequence, the “Circular 230 Disclaimer” will no longer be required on written correspondence. The general consensus is that removal of the disclaimer is a positive step for tax professionals by reducing the Read More