Discusses legal risks involved. Tax law. Liabilities of a tax practice. CPAs and lawyers as practitioners. Codes of conduct. Importance of maintaining good records. IRS Standards, and tax advice to clients. Written presentation of advice. Cases of negligence. Liabilities to tax practitioners from clients. Liability insurance; types of policies. Risk of lawsuits.

"Legal Risks in Setting Up a Tax Practice Introduction Banoff (1999), writing in Taxes, suggests that the practice of tax law in today's economy is much like the dying tradition of sumo wrestling. This is because the typical tax practitioner (a lawyer or accountant) spends many years preparing for the profession (e.g., college degrees, an M.S.T., a J.D. or an LL.M. in Taxation) and may have devoted himself or herself (often fanatically) to constant training and study in order to become an expert at his or her craft...[which was becoming impossible because] Along with an increasingly complex world of tax law, the publication of numerous quarterly, monthly, weekly a..."

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