CPA Regulation (REG)
Certified Public Accountant Regulation (REG) covers ethics, federal tax procedures, business law, and professional responsibilities for aspiring CPAs.
Federal Tax Procedures and Representation
Navigating IRS Procedures
CPAs must know how the IRS operates, including audits, appeals, and collection processes. Understanding taxpayer rights and representation is key.
Audits and Examinations
The IRS may select returns for audit. CPAs help clients prepare, respond to questions, and provide documentation.
Appeals and Dispute Resolution
If a taxpayer disagrees with IRS findings, they can appeal within the IRS or take the matter to tax court.
Penalties and Interest
Failure to comply with tax rules can result in penalties and interest. CPAs work to minimize these for clients.
Representation
CPAs can represent clients before the IRS, providing invaluable support during stressful times.
Real-World Example
Helping a client through an audit or negotiating an installment agreement with the IRS.
Examples
Assisting a client in responding to an IRS audit letter.
Negotiating a payment plan for a taxpayer with outstanding tax debt.
In a Nutshell
Understanding federal tax procedures helps CPAs protect and represent clients during IRS interactions.