The biggest change is the extension of taxpayer confidentiality protection to accountants. Tax Privilege, A Mixed Blessing Nestled in the IRS Restructuring and Reform Act of 1998 signed by President Clinton on July 22, is a brief, 25-line Internal Revenue Code provision that may significantly change the way CPA tax practitioners do business. IRC section 7525, Confidentiality Privileges Relating to Taxpayer Communications, extends the protections afforded by the attorney-client privilege to communications between taxpayers and CPAs, enrolled agents, and enrolled actuaries. The directory is an online listing and review of more than 1,500 business news and information websites. In a big win for the accounting profession, the Supreme Court of Texas' Unauthorized Practice of Law Committee dropped charges that Arthur Andersen LLP engaged in unauthorized practice of law in its tax advisory services to clients.
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The event will include a full day of CPE on October 26, preceded by an evening social event. On November 4 and 5, approximately 7,000 candidates in New York state will sit for the Uniform CPA Examination. Some groups still have openings for members interested in participating in the 1998-99 year which ends May 31. The directory offers members one source for contact information on all segments of the Society's leadership. My firm learned a valuable lesson on the benefits of alternative dispute resolution as a result of a recent experience regarding a partner leaving our firm and continuing to practice public accounting.