IRS Representations & Examinations

TOPICS / PROCEDURE

March 1, 2008

Final Regs. Govern Release of Taxpayer Information by Preparers

The IRS released final regulations that govern the handling and release of taxpayer information by return preparers.

October 1, 2007

New Rules Govern Practice Before the IRS

Editor: Joel E. Ackerman, CPA, MST The highly publicized accounting scandals of 2002, such as Enron, WorldCom, and Global Crossing, along with revelations about tax shelter abuses, have had wide-reaching financial effects on investors and the economy. Actions of some unscrupulous tax return preparers have further exacerbated the problem. In

September 1, 2007

Scope and Size of Tax Preparer Penalties Increase

Editor: Frank J. O’Connell, Jr., CPA, Esq. The Small Business and Work Opportunity Tax Act of 2007, enacted in May, increases penalties on preparers and raises the standard of nondisclosure positions from “realistic possibility of success” to “more likely than not.” The legislation also extends the reach of these penalties

August 1, 2007

Preparer Penalties

The Small Business and Work Opportunity Act of 2007 (SBWOA ’07) was enacted on May 25, 2007. (It was passed as part of the package that extended funding for the war in Iraq.) SBWOA ’07 changes the rules for imposing a return preparer penalty and increases the penalty amount. Under

August 1, 2007

New Law Contains Small Business Tax Provisions

On May 25, 2007, President Bush signed into law the Small Business and Work Opportunity Act of 2007 (SBWOA ’07) (P.L.110-28), which included several tax provisions. Return preparer penalties: The SBWOA ’07 expands the scope of return preparer penalties and alters the standards of conduct that must be met to

July 1, 2007

Circular 230 Penalty

Editor: Lesli S. Laffie, J.D., LL.M. Notice 2007-39 contains guidance on the imposition of monetary penalties for prohibited conduct under Section 10.52 of Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers Before the Internal Revenue Service. The American Jobs Creation Act