The IRS will likely provide relief from testing and continuing education requirements for nonsigning tax preparers working under the supervision of a CPA or other federally authorized tax practitioner, such as an attorney or enrolled agent, in a CPA or other professional firm, IRS Commissioner Doug Shulman said October 26.
Advertisement
News
Regulations Provide Guidance on Hybrid Pension Plans
The IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans.
IRS Rules That Mortgages Over $1 Million Can Be Deductible
The IRS has ruled that indebtedness incurred by a taxpayer to acquire, construct or substantially improve a qualified residence can constitute “home equity indebtedness” to the extent it exceeds $1 million, up to an excess of $100,000.
IRS Issues Final Regulations on Stock Basis Reporting Requirements
The IRS issued final regulations regarding a new requirement for reporting of basis and other information by stockbrokers and mutual fund companies.
Mandatory Reporting of Health Care Coverage Costs Delayed by IRS
The IRS issued a notice providing interim relief to employers regarding reporting the costs of group health plan coverage to employees.
AICPA VP Testifies on Changes Needed to IRS Return Preparer Regulation Plan
Edward Karl, the AICPA’s Vice President–Taxation, testified at an IRS hearing about proposed amendments to Circular 230 that would put into place many of the parts of the IRS’ plan to register and regulate tax return preparers.
Per Diem Travel Rates Updated
The IRS issued updated federal per diem rates and procedures for substantiating deductible expenses or employer-paid allowances for lodging, meals, and incidental expenses incurred in business-related travel away from home.
Adoption Tax Credit Guidance Released
The IRS issued interim guidance September 29 on the child adoption credit and income exclusion for employer reimbursements of adoption expenses, as expanded by the Patient Protection and Affordable Care Act.
IRS Activates New PTIN System
The IRS deployed a new preparer tax identification number (PTIN) registration system September 28 as a component of its initiative to register and regulate paid tax return preparers.
President Signs Small Business Jobs and Tax Relief Bill
On September 27, President Barack Obama signed into law the Small Business Jobs Act of 2010.
IRS Releases Final Schedule UTP, Incorporates Changes
In two announcements, the IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns and issued a final version of Schedule UTP.
Small Business Stimulus Passes Congress
The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law.
Senate Passes Small Business Tax Relief
The Senate passed the Creating Small Business Jobs Act of 2010 (part of the Small Business Jobs and Credit Act, H.R. 5297) by a vote of 61–38, and sent it back to the House of Representatives.
IRS Says It Won’t Give Advance Guidance on Transactions Under Codified Economic Substance Doctrine
The IRS issued its first guidance on the newly codified economic substance doctrine.
IRS Releases Proposed Regs on Series LLCs
The IRS released proposed regulations on the tax treatment of series LLCs and cell companies, proposing to treat the individual series or cells as separate entities for tax purposes.
IRS Issues Proposed Regs Requiring Disclosure of Uncertain Tax Positions
The IRS issued proposed regulations that would require certain business taxpayers to report uncertain tax positions on their tax returns.
Draft Form 8941 Health Insurance Credit for Small Businesses
The IRS issued a draft form for businesses to use in figuring and claiming the new small business health insurance credit.
Treasury Announces Low-Cost Financial Account Program for Taxpayers
Treasury announced the launch of a pilot program to provide taxpayers with access to low-cost financial accounts.
AICPA Testifies at IRS Hearing on User Fee Regulations
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
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.
