Tax news January 2010

Tax

IRS outlines ambitious plan to regulate paid tax preparers

The Internal Revenue Service in a report published on Monday announced that it will require all paid tax return preparers to register with the Service using a Preparer Tax Identification Number (PTIN). Preparers will be subject to ethical standards and disciplinary action and monetary penalties of Treasury Department Circular 230.
Tax

Section 7216 Regulations on disclosure and use of tax information

The good news for preparers is that the IRS has carefully listened to comments provided during the rulemaking process and have incorporated some very easy to implement guidance into the rules.
Tax

The new Form 990: Governance and internal controls under the microscope

It's been almost a year since the release of the "new" Form 990 instructions, yet many public charities are just now wrestling with its broader disclosure requirements.
Tax

IRS rulings provide Section 7216 guidance for tax return preparers

Last week the IRS issued two Section 7216 rulings providing guidance to tax return preparers. Each of these rulings covered three issues relating to situations in which preparers will not be liable for criminal or civil penalties under IRC sections 7216 and 6713.
Tax

User fees increase for exempt organization exemption applications

The IRS has increased user fees for all applications for exemption (Forms 1023, 1024, and 1028) postmarked after January 3, 2010.
Tax

IRS to regulate tax preparers

The Internal Revenue Service kicked off the 2010 tax filing season today by issuing the results of a landmark six-month study that proposes new registration, testing and continuing education of tax return preparers.
A&A

New guide provides information for tax-exempt organizations

The IRS recently published a new compliance guide for tax exempt organizations other than 501(c)(3) public charities, private foundations, and Section 527 political organizations.

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