A growing number of U.S. taxpayers are relying on tax preparers to file their returns. For the 2007 tax year, that meant 83 million returns, or more than half of all taxpayers. What troubles the Treasury Inspector General for Tax Administration (TIGTA) is, there is no federal standard regulating this profession. No specific training or education is required and only two states – California and Oregon demand that tax preparers be licensed and have continuing education. That's why legislation has been proposed in Congress that will provide oversight of tax preparers.

The economic stimulus payments that taxpayers have received will not be considered taxable income by the Internal Revenue Service but some of this money may end up in the coffers of individual states, which are free to decide how to treat the payments. Few will tax the money directly as income - currently, only Alabama is considering this option - but most anticipate additional revenue from sales or excise taxes, or indirectly, in some states, from a decrease in a deduction.

This Resource Guide Brought To You By PolicySoft's Accounting Department Templates AccountingWEB's 2004 Tax Tips TickerTHIS WEEK'S TOPICS Survey Reveals More Organizations Detecting Fraud SEC Adopts Stricter Rules to Improve Disclosure to Investors Free Report: Get Computer Savvy: Managing Electronic Communications Incorpo