According ToCircular 230, the "Best Practices" Rules Are

question 44

Multiple Choice

According toCircular 230, the "best practices" rules are:

• A)mandatory for all tax practitioners
• B)restricted only toattorneys and CPAs
• C)aspirational, toact as goals for tax practitioners
• D)enforced by disbarment from practice before the IRS

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Definitions:

Security Agreement

A written agreement that creates a security interest.

Purchase Money Security Interest (PMSI)

A special type of security interest that allows creditors to obtain priority in a debtor's collateral, provided the credit was used to purchase the collateral.

Perfected

The state of a security interest when the secured party has done everything that the law requires to give the secured party greater rights to the goods than others have.

Attaches

In legal parlance, attaches means to legally seize or take control of property, often in the context of securing a debt or executing a court order.