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December 2016

November 2016

PTINs Still Required while Class Action Lawsuit is Pending

The PTIN class action lawsuit moves forward; however, the court has not made a determination about the PTIN fees, including whether they were unlawful, authorized or excessive. Anyone who prepares or assists in preparing federal tax returns for compensation must still have a valid 2017 PTIN before preparing returns. The fee is $50 for a first-time applicant or renewal.

 

http://www.journalofaccountancy.com/news/2016/oct/ptin-class-action-lawsuit-201615343.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=14Oct2016

 

https://www.irs.gov/tax-professionals/ptin-requirements-for-tax-return-preparers

 


TSCPA Committees issue Joint Comments to Treasury and IRS on Proposed Estate Tax Regulations

This week, TSCPA’s Federal Tax Policy Committee and Business Valuations, Forensic and Litigation Services Committee issued a joint comment letter to the Treasury Department and the IRS on proposed regulations under Section 2704 concerning the valuation of interests in corporations, LLCs and partnerships for estate, gift and generation-skipping transfer tax purposes. These broad-sweeping provisions would dramatically restrict, if not eliminate, valuation discounts on intra-family transfers of certain family-owned entity interests. They would adversely affect many Texas family farms, ranches and other businesses. The committees ask that Treasury withdraw or significantly revise the proposed regulations that are contrary to long-standing case law and interfere with states’ rights and rights of property owners. A committee representative will testify at the IRS public hearing on Dec. 1 in D.C.

https://www.tscpa.org/docs/default-source/comment-letters/federal-tax-policy/irs-estate-gift-and-generation-skipping-transfer-taxes.pdf?sfvrsn=2