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IRS issues stricter standards for tax attorneys

[JURIST] The Internal Revenue Service and Treasury Department issued new guidelines on Friday that enforce stricter ethical standards for tax attorneys, accountants, and others offering tax advice. The new standards require those giving advice to rely on all related facts and to examine all relevant federal tax laws before drafting opinion letters that must clearly state whether a taxpayer would be more likely than not to successfully defend a tax transaction if challenged by the IRS. Previously when challenged, individuals often used vague opinion letters to show that they relied on professional advice in making questionable and sometimes illegal tax transactions. Read the IRS press release here. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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