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August 2010

CONGRESSMEN CONAWAY, SHERMAN ADDRESS TAX PREPARER REGS IN WALL STREET JOURNAL OP-ED

An opinion piece authored by Congressmen Michael Conaway (R-Texas) and Brad Sherman (D- California) to the Wall Street Journal published today addressing the IRS’s proposed tax preparer registration.

  

Read the Op-Ed

http://www.tscpa.org/Content/51223.aspx

 

TSCPA letter thanking the Congressmen for their dedicated efforts.

http://www.tscpa.org/Content/51224.aspx

IRS RELEASES REGULATIONS TO AMEND CIRCULAR 230

The IRS recently declared proposed regulations that would amend Treasury Circular 230, which governs practice before the IRS. These guidelines would extend current policies that apply to attorneys, certified public accountants, other specified tax professionals and all tax return preparers, including those that are currently not enrolled.

The proposed regulations (REG-138637-07) would clarify the definition of practice, establish a new registered tax return preparer designation and the eligibility requirements for becoming a registered tax return preparer, repropose standards with respect to the preparation of tax returns, revise rules regarding continuing education providers, and amend multiple other sections.

Tax professionals and other interested parties have until Oct. 7, 2010, to submit comments regarding the proposed regulations.

The Federal Tax Policy Committee plans to comment on the propose regulations.

 

Detailed text of REG-138637-07     

http://op.bna.com/dt.nsf/id/emcy-88glhe/$File/REG-138637-07.pdf.


CONGRESSMEN CONAWAY, SHERMAN LEAD CHARGE FOR IRS TO EASE TAX PREPARER REGS

Congressmen Michael Conaway (R-Texas) and Brad Sherman (D- California) are gathering House lawmakers on both side of the political isle asking for changes to the proposed IRS plan to regulate paid income tax return preparers.

  

More than 30 members of the House have, so far, signed a letter to Treasury Secretary Timothy Geithner asking for an exemption for all non-signing tax preparers at CPA firms from burdensome registration requirements.

 

Letter Secretary Geithner


AICPA ASKS CONGRESS TO REPEAL NEW 1099 REPORTING PROVISION; TSCPA PLANS TO COMMENT

The American Institute of CPAs (AICPA) asked members of Congress to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.  The provision is unpopular among both parties, but they can’t agree on how to offset it.  The Small Business Tax Relief Act, H.R. 5982, would have eliminated these expanded 1099 information reporting requirements for businesses that National Taxpayer Advocate Nina Olson recently indicated could pose potential “administrative challenges to taxpayers and the Internal Revenue Service.” 

 

However, due to other tax provisions included in the bill, on Friday it failed to garner the two-thirds margin needed for passage.  Sponsors of the effort to repeal the 1099 provisions will continue.  TSCPA’s Federal Tax Policy committee plans to draft a comments letter to Notice 2010-51 on 1099 reporting changes; the comments period is open until September 29, 2010.

 

Read AICPA’s Press Release and Letter

http://www.aicpa.org/Press/PressReleases/2010/Pages/AICPASupportsRepealofBurdensomeTaxInformationReportingMeasure.aspx 

 

Learn More about 1099 Reporting Changes

http://www.journalofaccountancy.com/Issues/2010/Aug/20102954.htm