FYI - Certain people on this site are violating Circular 230 by not disclosing the following (do you guys think 230 applies even when the advice is anonymous?:
Treasury Circular 230 Disclosure - Any U.S. tax advice contained in the body of this message was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.
2006-07-21 12:12:21 · 7 answers · asked by aka Astra 2 in Business & Finance ➔ Taxes ➔ United States
I don't believe this message board is within the scope of Circ. 230. In any case, when answering I generally advise people to consult and advisor, which also should take my answers out of scope.
Favorite Code section? Gosh, there are so many. I used to be fond of sec. 341(e), but it was repealed. I'm definitely a big fan of the foreign currency rules, especially sec. 987 and 988. Then there are the PFIC provisions, oh, I could go on and on, it gives me such a warm feeling . . .
By the way, it's Title 26.
2006-07-21 14:29:00 · answer #1 · answered by TaxGuru 4 · 1⤊ 0⤋
thank you.
Treasury Circular 230 Disclosure - Any U.S. tax advice contained in the body of this message was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.
2006-07-21 12:17:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think I'm in love with all of title 26 lol :-). As far as circular 230 goes, this is more of just a forum to answer questions and any advice given here is assumed to be unprofessional advice. Not only that but it is also anonymous. I dont' think anybody here is increasing their liabilty by not stating the disclosure. Even if it did apply, there wouldn't really be a way to enforce it.
2006-07-21 13:55:20 · answer #3 · answered by Josh 4 · 0⤊ 0⤋
I doubt that Circular 230 applies to any of the people offering advice to which that disclosure would be relevant. Did I miss a post a containing favorable tax shelter opinion?
2006-07-22 07:04:48 · answer #4 · answered by Steve B 6 · 0⤊ 0⤋
I don't have a favorite code section.
And somehow I think no third party beneficiaries and disclaimer of warranties in Terms of Service might cushion that problem. If my neighbor IMs me and says, "increase your 401(K) and save tax dollars", does 230 apply?
Honestly, I don't know and would have to read through it more. But in general I think Yahoo! Answers would be considered a non-professional resource.
2006-07-21 13:32:10 · answer #5 · answered by Molly 6 · 0⤊ 0⤋
I'm waiting for "Tax Code-The Movie" to come out so I don't have to read every section of the Code.
2006-07-21 13:04:19 · answer #6 · answered by SuzeY 5 · 0⤊ 0⤋
403(b)
2006-07-21 12:28:02 · answer #7 · answered by rockEsquirrel 5 · 0⤊ 0⤋