Welcome back to Belk on Business! I’m Josh Belk, and today we’re stepping away from our usual tax law breakdowns to talk about something just as essential—ethics and professionalism. Inspired by a deep dive into IRS Circular 230, I unpack three foundational principles that every business owner and professional should embody: competence, diligence as to accuracy, and handling conflicts of interest.
This episode isn’t just for accountants—it’s for anyone who wants to lead their business with integrity, build trust, and make sharper decisions. If you’re serious about being the kind of leader people respect and rely on, this one’s for you.
3 Key Takeaways
Competence Builds Trust: It’s not just about passing tests—real competence means staying current, asking for help, doing the research, and being thorough in every process.
Accuracy Demands Diligence: Whether you’re working with numbers or clients, accuracy starts with asking the right questions and ends with meticulous documentation and reasonable care.
Conflicts of Interest Can Derail Trust: Recognizing, disclosing, and properly managing conflicts is essential to maintain fairness, trust, and professional integrity.
Episode Timeline & Highlights
[0:00] – Why this episode is different: stepping into ethical principles from IRS Circular 230
[1:20] – What Circular 230 means for tax professionals—and business owners
[2:05] – The importance of competence and continuous learning
[3:07] – Knowing when to ask for help and delegate
[4:34] – Legal and procedural knowledge is essential in every business
[5:26] – Incompetence undermines trust—don’t fake what you don’t know
[7:17] – Diligence as to accuracy: asking the right questions and verifying info
[8:17] – Real-world examples of documentation, thoroughness, and AI pitfalls
[10:27] – Understanding the nuance of each client’s unique situation
[11:07] – Recognizing and resolving conflicts of interest in professional settings
[12:34] – Ethical behavior promotes fairness, trust, and decision-making clarity
[13:23] – Final thoughts on making decisions based on merit, data, and systems
Links & Resources
IRS Circular 230 Guidance: https://www.irs.gov/tax-professionals/circular-230
If this episode resonated with you, be sure to rate, follow, and review Belk on Business. And share it with a colleague who values doing business the right way. See you next time!
