Final regulations revising the rules governing practice before the Internal Revenue Service in Circular 230 were issued on September 26, 2007.1 The final regulations reflect amendments made by the American Jobs Creation Act of 2004.2 The legislation signed on May 25, 2007, the Small Business and Work Opportunity Tax Act of 2007,3 which amended several provisions of the Internal Revenue Code to extend the application of the income tax return preparer penalties to all tax return preparers, alter the standards of conduct that must be met to avoid imposition of penalties for preparing a return that reflects an understatement of tax liabilities and increase the applicable penalties, is not reflected in the final regulations but a segment of the relevant regulations is reserved for those regulations4 and a notice of proposed rule making in that area has been published.5 The final regulations issued on September 26, 2007 are effective on that date6 except for the regulations on contingent fees.7