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

Author(s): Jonathan G. Blattmachr, Mitchell M Gans
Practice Area: Tax
Published: Jul 2006
Supplement Date: Sep 2017
ISBN: 9781402424915
PLI Item #: 9134

”Now there is a new book that all tax practitioners should consider adding to their collections: The Circular 230 Deskbook. The book overviews and highlights the do’s and don’ts of tax practice and the consequences to tax practitioners who fall short of the prescribed professional benchmarks.”

 —The Journal of the American Taxation Association

”[The Circular 230 Deskbook is] a masterful analysis and an important guide to the Internal Revenue Service’s labyrinthine rules and regulations governing tax penalties, reportable transactions, and the conduct of attorneys, accountants, and others who ’practice’ before the IRS … The Circular 230 Deskbook provides a comprehensive, complete, and analytical examination of the topic.”

 —Bridget J. Crawford, Associate Professor of Law, Pace University

The Circular 230 Deskbook helps tax 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 § 6662 penalties, and avoid common errors that can trigger these § 6662 penalties.

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

  • Circular 230 written tax advice decision tree
  • Circular 230 compliance chart for covered opinions highlighting exceptions and special rules
  • Circular 230 compliance flow chart detailing affirmative duties and prohibited activities
  • Covered opinions compliance checklist, and
  • A reportable transactions compliance flow chart.

The Circular 230 Deskbook is an essential compliance tool for every tax professional who practices before the IRS.

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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.