Circular 230 Requires That the Tax Practitioner Use the Best

question 104

Essay

Circular 230 requires that the tax practitioner use the best practices of the tax profession in carrying out a tax engagement. Specify what some of these best practices entail.

Distinguish between internal and external analyses in strategic planning and their impacts on identifying competitive advantages.

Understand the importance and components of a business code of ethics.

Comprehend the laws and regulations that govern business activities.

Identify and explain the forces of competition within industries.

---

Definitions:

Injunctive Order

A legal order issued by a court that requires an individual or entity to do or refrain from doing specific actions.

Cease and Desist

A legal order or request to halt an activity or behavior deemed illegal or infringing on rights.

Basic Need

Fundamental requirements vital for sustaining human life, such as food, water, shelter, and safety.

Clothing

Articles of attire worn on the body, typically consisting of fabrics or textiles but can also include items like shoes and accessories.