The Texas Society of CPAs’ Federal Tax Policy Committee submitted a formal response letter today (April 29) to IRS regarding REG-134235-08, proposed regulations under IRC section 6109 for the Preparer Tax Identification Number (“PTINs”) System. The committee recommends a designated PTIN help line for prompt assistance and exception for non-signing employees of a CPA firm.
The Texas Society of CPAs today, April 21, submitted a letter to Senators John Cornyn (R-Texas) and Kay Bailey Hutchison (R-Texas) opposing any amendment offered to the Restoring American Financial Stability Act of 2010 (S. 3217) that would exempt smaller public companies from the internal controls audit requirement contained in SOX section 404(b). TSCPA believes all public companies, regardless of size, should be subject to these audits as a first-line defense in the detection and prevention of fraud.
On April 14, the day before the Federal Income Tax Deadline, the House of Representatives approved by a vote of 399-9, H.R. 4994, the “Taxpayer Assistance Act of 2010”.
Among the provisions approved in the bill include the following:
· Eliminates strict rules requiring individuals to keep detailed records for business cell phones by removing them from the definition of listed property.
· Repeal of the partial payment requirement on offers-in-compromise
, submitted after the enactment date.
The bill will now be sent to the Senate for consideration.
Three Texas Republican Congressmen, John Culberson (7th District), Mike Conaway, CPA (11th District) and Pete Sessions (32nd District) submitted formal requests to IRS Commissioner Doug Shulman in conjunction with a letter from the TSCPA to extend the deadline for public comments on proposed Federal Tax Code regulations (IRC section 6109 Furnishing Identifying Number of Tax Return Preparer).
The Congressmen share concerns of TSCPA that the IRS is putting an unreasonable obligation on tax professionals by issuing these and other significant regulations during the busy tax-filing season. TSCPA is seeking more time to analyze and respond to concerns, with a 30-day deadline extension of May 26, 2010.
Texas Society of CPAs and Pennsylvania Institute of CPAs, have teamed-up to appeal to the IRS to request more time for public comments on proposed Federal Tax Code regulations (IRC section 6109 Furnishing Identifying Number of Tax Return Preparer).
According to TSCPA and PICPA, the IRS is putting an unreasonable burden on the tax preparer professionals by issuing these and other significant regulations during the busy tax-filing season. Although they respect the timeline involved, the state societies are seeking the opportunity to better analyze and respond to concerns, with a 30-day deadline extension of May 26, 2010 to submit comments.
Responding to a recent letter from TSCPA to address current financial regulatory reform, Senator Kay Bailey Hutchison (R-Texas) promised support for financial efforts to better educate the American public. Senator Hutchison is working to ensure that consumers will have safer measures to protect against unfair practices by financial institutions.
She also believes more needs to be done to make sure regulators are doing their jobs the right way, enforcing the rules and issuing new ones that protect consumers.
Senator Hutchison also referenced President Obama’s 2009 proposal to reform the current regulatory structure by establishing a Consumer Financial Protection Agency for which she is opposed.
To read Senator Hutchison’s letter, click