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The Circular 230 Deskbook: Related Penalties, Reportable Transactions, Working Forms

Author(s): Jonathan G. Blattmachr, Mitchell M Gans, Damien Rios
Practice Area: Income tax, Tax
Published: Jul 2006
Supplement Date: Sep 2021 i Other versions can be found in the Related Items tab.
ISBN: 9781402407543
PLI Item #: 9134

The Circular 230 Deskbook is an essential compliance resource for every tax professional who practices before the IRS, helping practitioners comply with complex Circular 230 amendments more easily — and avoid costly penalties and sanctions. 

The Circular 230 Deskbook shows you how to:

  • Meet mandated duties applicable to six types of covered opinions
  • Comply with critical requirements for written tax advice
  • Carry out prescribed duties when advising in preparation of tax returns
  • Satisfy reporting/list maintenance rules for six types of reportable transactions, and
  • Qualify for ”safe harbors” that free you from burdensome Circular standards, exploit proven defenses against the Code’s section 6662 penalties, and avoid common errors that can trigger these 6662 penalties

The Deskbook brings you laminated, quick-reference compliance tools, including:

  • Circular 230 written tax advice decision tree
  • Circular 230 compliance chart for covered opinions highlighting exceptions and special rules
  • Circular 230 compliance flowchart detailing affirmative duties and prohibited activities
  • Covered opinions compliance checklist, and
  • Reportable transactions compliance flowchart
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Jonathan G. Blattmachr is a member of the bars of Alaska, California, and New York. He is a partner in the law firm of Milbank, Tweed, Hadley & McCloy, LLP, a former lecturer-in-law at the Columbia University School of Law, and a former adjunct professor of law of the New York University Law School. He is a former chairperson of the Trusts & Estates Law Section of the New York State Bar Association and of committees of the Real Property, Probate and Trust Law Section of the American Bar Association. He is the author of the book Wealth Preservation and Protection for Owners of Closely Held Businesses (and Others) (1993, 1999), coauthor of the book Carryover Basis Under the 1976 Tax Reform Act (1977), and former editor of The Chase Review, and has written for professional journals. Mr. Blattmachr is a fellow of the American College of Trust and Estate Counsel and a member of other professional organizations.

Mitchell M. Gans is the Steven A. Horowitz Distinguished Professor of Tax Law at Hofstra University. Before joining the Hofstra faculty, Professor Gans had been an associate in the Tax and Trust and Estates Departments at Simpson, Thacher & Bartlett, and law clerk to Associate Judge Jacob D. Fuchsberg, New York State Court of Appeals. He is an Academic Fellow at the American College of Trust and Estate Counsel. He is also an Adjunct Professor of Law at the NYU School of Law. Professor Gans is a leading scholar in the estate-and-gift tax area. He continues to provide lectures for the IRS on transfer- and income tax issues and is a frequent lecturer for ALI-ABA, NYU, the American College of Trust and Estate Counsel, the ABA, and other groups. Professor Gans has published articles in the Emory Law Journal, Notre Dame Law Review, Virginia Tax Review, Florida Tax Review, and Tax Notes, among others.

Damien Ríos is the founder and President of Caciques Consulting, LLC, a life insurance consulting firm. Prior to this, he was General Counsel and Vice President of an insurance consulting company, and acted as a consultant to the legal and tax advisors to many of the nation's wealthiest families, including nationally recognized law firms and accounting firms. Damien was a trust and estates associate at Milbank, Tweed, Hadley & McCloy LLC, a firm nationally renowned for its estate, gift, and charitable planning expertise. Damien has published insurance and estate planning articles for industry publications. He graduated in 1995 from Harvard University magna cum laude with an A.B. in psychology and received his J.D. in 1998 from Columbia University. Damien is admitted to the New York bar and is a member of the American Bar Association.