An Entrepreneur undertakes the task to create what they 'see' that others may not.
They take risks to figure out new ways to solve old problems. They seem to embody the maxim by St. Paul, "Operate as if you are a lord, subject to no one, whilst being a servant to all". Some win and some lose. Some lose only to be vindicated. Some win only to be vanquished. It would seem that all efforts in this world mean something somewhere. Ya know the annoying and opaque email signatures that you get from us and other accountants regarding Circular 230? Well, according to the IRS they are now a thing of the past. On June 9th, 2014 the IRS eliminated the need to post the boilerplate as they recognized that it was ignored most of the time and offered no protections anyway.
The need for being circumspect in giving advice doesn't go away, of course. The standard is now defined, "base all written advice on reasonable factual and legal assumptions, exercise reasonable reliance, and consider all relevant facts that the practitioner knows or reasonably should know. A practitioner must also use reasonable efforts to identify and ascertain the facts relevant to written advice on a Federal tax matter." Only now we're not required to state it at the bottom of every email. |
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July 2017
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