Alerts

Circular 230 Notice to Individual Client Service Department Clients

June 21, 2005

On June 21, 2005, new "Circular 230" (which was issued by the United States Treasury Department) became effective. It sets forth rules that tax practitioners, including lawyers and certified public accountants, must follow in providing written statements about certain Federal tax issues. For this purpose, a "Federal tax issue" includes a question concerning the Federal tax treatment of an item of income, gain, loss, deduction or credit, the existence or absence of a taxable transfer of property (such as whether a transfer of property is subject to Federal gift tax), or the value of property for Federal tax purposes.