Enrolled Agent Exam [Part 3] 27, Firm Compliance Procedures

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- Practitioners with principal authority are responsible for their firm's overall compliance with Circular 230.

- A violation occurs if a firm leader fails to implement 'adequate procedures' for all staff to follow Circular 230.

- Supervisors must identify and take prompt corrective action to address any 'pattern or practice' of noncompliance within the firm.

- A supervising practitioner can be disciplined if their failure to act is deemed willful, reckless, or grossly incompetent.

- The exam may present scenarios where a leader claims ignorance, but they are still responsible if they 'should have known' about the misconduct.

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