Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
IRS plans new rules for tax return preparers
WASHINGTON (1/6/10)--The Internal Revenue Service (IRS) this week announced that it will soon propose tightening its regulation of paid tax return preparers by requiring them to register with the service and to complete competency exams. The new rules, once proposed, would apply to paid tax preparers other than attorneys, certified public accountants, and enrolled agents, a list which would include credit unions that offer tax preparation services to their members for a fee, or related credit union service organizations. The proposal will not apply to the current tax filing season, which ends on April 15. The Credit Union National Association (CUNA) is watching this closely for its possible impact on tax return assistance provided by credit unions to their members for a fee. According to the IRS, paid tax return preparers would be required to “register with the IRS and obtain a preparer tax identification number.” “These preparers will be subject to a limited tax compliance check to ensure they have filed federal personal, employment and business tax returns and that the tax due on those returns has been paid,” the IRS added. Competency tests and ongoing professional education would also be required for these tax return preparers, and the ethical rules found in Treasury Department Circular 230 would also be extended to these preparers. “This expansion would allow the IRS to suspend or otherwise discipline tax return preparers who engage in unethical or disreputable conduct,” the IRS said. In a release, the IRS said that the “higher standards for the tax preparer community will significantly enhance protections and service for taxpayers, increase confidence in the tax system and result in greater compliance with tax laws over the long term.”


RSS print
News Now LiveWire
How may falling gas prices impact the U.S. economy? Find out tomorrow in #NewsNow #Market http://t.co/Q9ec9DGLDN
39 minutes ago
News of the comp. for tomorrow: Big bank unveils plans for massive $6.5 billion new headquarters #NewsNow #Market
2 hours ago
Consumer confidence surges to 7-year high #NewsNow #Market http://t.co/fMEENGuWPi
3 hours ago
Charlotte Cash, CEO of @COFCU , is engaging members by producing videos on various subject of financial interest to members.
3 hours ago
@CFPB today finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. Watch News Now
4 hours ago