The Overall Requirement of the Internal Revenue Service Circular 230

question 1

Multiple Choice

The overall requirement of the Internal Revenue Service Circular 230 is to ensure that tax professionals:

• A)Know their clients
• B)Always develop tax plans for their clients
• C)Make tax planning suggestions that, even if they don't have a chance of success, will save the client some money in the short-term
• D)Never develop tax shelters
• E)Only be professional accountants

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Definitions:

Attachment

The legal process of seizing a debtor's property to secure or satisfy a judgment.

Remedy

The means by which a right is enforced or the violation of a right is prevented, compensated, or corrected in law.

Secured Creditors

Creditors who have a legal right to seize collateral if the borrower defaults on the loan associated with that collateral.

Attach Property

The legal process by which a court grants a creditor the right to seize property of a debtor for the fulfillment of a judgment.