Ethics of Working with Cash Based Businesses including Marijuana and Illegal Activity
IRS Program #: X9QQU-E-00821-21-S
Speaker: John Sheeley, EA
Ethics of Working with Cash-Based Business (including state legal cannabis and other federally illegal activities)
This program is designed to qualify as an ethics program for enrolled agents pursuant to Circular 230 section 10.6(f)(1)(i)(A).
In recent years, the Internal Revenue Service increased the burden of due diligence on tax practitioners. Practitioners need to weigh their due diligence requirements under Circular 230 and federal law, with the taxpayer’s right to representation and competent, professional tax preparation. This program examines the tax professionals’ due diligence requirements and responsibilities when working with individuals and businesses, who: deal primarily in cash; conduct clearly illegal activities; and which are state legal but federally illegal (e.g. cannabis).
After attending this program, the participant can expect to:
- Understand practitioner’s ethical requirements under Circular 230
- Apply ethical and due diligence standards to cash based businesses
- Identify badges of fraud with respect cash based businesses
- Determine when they should disengage or bring in legal counsel
- Interpret the speaker’s s use of movie quotations in ethical contexts.
This course qualifies for IRS Continuing Education Hours. NAEA reports IRS CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at email@example.com.
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