We need to perform a few housekeeping duties to keep the IRS and my insurers happy.
Legal Disclaimer:
"Circular 230 Disclaimer: To insure compliance with requirements imposed by the IRS, we inform you that (i) any tax advice contained on this website was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein."
You should always seek tax advice based on your particular circumstances from your competent personal professional adviser.
Circular 230 is where the IRS sets forth all the rules that CPAs, attorneys, enrolled agents, and a few other licensed professionals must follow if they are to practice before the IRS. These rules have been greatly expanded in recent years.
One of the net effects of the changes in these rules is that it is often much more expensive for a licensed tax professional to provide written tax advice these days. As a result, more of these opinions are likely to be given orally on the phone or in client interviews.
All these rules are enough to make you want to pull your hair out!