Tax news January 2008

Practice Management

New rules proposed for auto enrollment 401(k) plans

While the Internal Revenue Service has decided to keep the limit of total employee contributions to 401(k) plans at $15,500 for traditional plans and $10,500 for SIMPLE plans for 2008, the agency has proposed rules changes to the optional safe harbor 401(k) plans that provide for automatic enrollment, CCH reports.
Tax

Tax preparers face stricter standards of conduct

The Treasury Department and the Internal Revenue Service have issued Notice 2008-13 that implements a May 2007 law that expanded the tax return preparer penalty and heightened the standards of conduct that must be met by tax return preparers in order to avoid that penalty.Notice 2008-13 also solicits input from the tax return preparer community on a planned overhaul of the tax return preparer penalty regime anticipated to be completed by the end of 2008."The plan to take a fresh look at the pre

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