10.29—Conflicting interests.
(a)
Except as provided by paragraph (b) of this
section, a practitioner shall not represent a
client before the Internal Revenue Service if the
representation involves a conflict of interest. A
conflict of interest exists if—
(2)
There is a significant risk that the
representation of one or more clients will be
materially limited by the practitioner's
responsibilities to another client, a former
client or a third person, or by a personal
interest of the practitioner.
(b)
Notwithstanding the existence of a conflict
of interest under paragraph (a) of this section,
the practitioner may represent a client if—
(1)
The practitioner reasonably believes that
the practitioner will be able to provide competent
and diligent representation to each affected
client;
(3)
Each affected client waives the conflict of
interest and gives informed consent, confirmed in
writing by each affected client, at the time the
existence of the conflict of interest is known by
the practitioner. The confirmation may be made
within a reasonable period after the informed
consent, but in no event later than 30 days.
(c)
Copies of the written consents must be
retained by the practitioner for at least 36
months from the date of the conclusion of the
representation of the affected clients, and the
written consents must be provided to any officer
or employee of the Internal Revenue Service on
request.