MIAMI, Jan. 21,
2025 /PRNewswire/ -- The IRS has proposed
updates to Circular 230 regulations to enhance ethical standards,
accountability, and professionalism among tax practitioners and
appraisers. These updates aim to protect taxpayers and emphasize
the importance of working with licensed CPAs and IRS Enrolled
Agents (EAs), like those on Taxfyle's platform, for tax preparation
and filing.
The proposed changes reinforce the critical role of licensed
professionals who are well-versed in complex tax laws and held to
stringent ethical standards. Working with licensed CPAs or EAs
ensures accurate filings, compliance with IRS requirements, and
protection against costly penalties caused by errors or
misconduct.
"For us, customer trust is paramount, and that starts with
working only with licensed accountants who adhere to the highest
standards of practice," AJ de Zayas, Director of Pro Relations at
Taxfyle, said. "A valid CPA or IRS EA license demonstrates a
commitment to ongoing education and ethical responsibility—two
qualities that benefit every customer."
Unlicensed practitioners pose significant risks, from incorrect
filings to steep penalties. By choosing a licensed CPA or EA,
taxpayers safeguard their finances and gain peace of mind knowing
their filings are handled with integrity.
With Taxfyle, customers are guaranteed their taxes are filed by
a licensed CPA or EA. Before the accountants access the Taxfyle
platform, the Pro Support team ensures the active status of their
credentials. Additionally, each Pro is required to submit an
up-to-date Preparer Tax Identification Number (PTIN) before they
can file returns each tax season.
The proposed regulations address several key areas, including
disreputable conduct, appraiser standards, and the IRS's oversight
authority. For tax practitioners, the updates aim to reinforce
ethical behavior and enable swift action against misconduct.
The changes include stricter standards for appraisers involved
in IRS proceedings, requiring adherence to frameworks like the
Uniform Standards of Professional Appraisal Practice (USPAP) or
International Valuation Standards (IVS). This ensures greater
appraisal integrity and minimizes valuation misstatements,
protecting taxpayers from serious consequences.
For taxpayers, the message is clear: partnering with licensed
professionals ensures accurate filings, avoids costly errors, and
maintains compliance with evolving IRS regulations.
About Taxfyle
Since 2015, Taxfyle has revolutionized
professional accounting services with its user-friendly platform
and innovative solutions. From tax preparation to bookkeeping,
Taxfyle continues to lead the industry with its commitment to
modernizing an overburdened sector. Visit Taxfyle's website at
taxfyle.com.
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SOURCE Taxfyle