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