Edward Karl, the AICPA’s vice president of taxation, testified on August 24 at an IRS hearing on proposed regulations relating to the user fee aspect of the Service’s proposal to require all paid tax return preparers to obtain a preparer tax identification number (PTIN) and use it on all tax returns after December 31, 2010.
IRS Finalizes Regs on Tentative Carryback Adjustments
The IRS released final regulations under Sec. 6411 providing guidance on the computation and allowance of tentative carryback adjustments
IRS Preparer Registration Plan Moves Forward
The IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers.
Final Regs Released for Payment Card and Third-Party Network Information Reporting
The IRS issued final regulations regarding the new information reporting requirement under Sec. 6050W for payment card and third-party network transactions.
Rules Issued for Income Deferral of Canceled Debt
The IRS issued temporary and proposed regulations relating to taxpayer elections to defer recognition of cancellation of debt (COD) income.
Congress Votes to Limit Use of Foreign Tax Credits – H.R. 1586
Congress enacted legislation that makes changes to the how corporations can use the foreign tax credit.
IRS Will Stop Providing Debt Indicators; Exploring Ways for Taxpayers to Use Refunds to Pay Preparers
The IRS announced that it will stop providing “debt indicators” to tax preparers and associated financial institutions.
IRS Changes Name of LMSB Division, Expands Focus
The IRS is reorganizing and changing the name of its Large and Mid-Size Business (LMSB) division as part of its ongoing effort to focus more on international tax compliance
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
