Previous month:
September 2010
Next month:
November 2010

October 2010

SHULMAN SAYS NON-SIGNING STAFF OF AUTHORIZED TAX PRACTITIONERS “LIKELY” EXEMPT FROM PTIN TESTING AND EDUCATION REQUIREMENTS

In prepared remarks at the AICPA National Tax Conference on Wednesday, October 26, in Washington, D.C., IRS Commissioner, Douglas H. Shulman stated that non-signing preparers of CPA firms may be exempt from the testing and continuing education of the preparer tax identification number requirements.

“We are also still refining our rules for people who work in a professional firm, like an accounting firm, who prepare all, or substantially all of a return under the supervision of an accountant, enrolled agent or lawyer. While this is a tricky area, and I can't give you definitive guidance until we publish our final guidance later this year, I will tell you that I am sympathetic to the argument that the rules should be flexible for people who have met a higher professional standard. Therefore, it is highly likely that as we implement the new rules and procedures there will be some relief for testing and continuing education requirements for people who do not sign a return and work in a professional firm under the supervision of an accountant, enrolled agent or lawyer.”

Shulman also added that IRS is creating a Return Preparer Office to manage the registration process, testing, and continuing education of all professionals under IRS jurisdiction.

Transcript of Commissioner Shulman’s Keynote Address. http://financial.tmcnet.com/news/2010/10/26/5094273.htm

Source: Financial Tech Spotlight.com via Treasury Department Documents and Publications/ContentWorks via COMTEX


TSCPA COMMITTEE ASSISTS SENATOR CORNYN WITH PROPOSED LEGISLATION

The TSCPA Federal Tax Policy Committee was recently given the opportunity to review and comment on a draft bill by Texas Senator John Cornyn that would assist small business taxpayers. The committee fully realizes the responsibility that comes with this honor. It wants to serve as a resource to the Senator and all members of Congress on federal tax legislation and regulation.