The Taxpayer Advocacy Panel recommended that tax preparers adhere to a basic standard of competence, with the responsibility of certifying and registering all tax preparers delegated to the various national tax associations. The VITA exam given by the Volunteer Income Tax Assistance Program would be the basic testing mechanism, and current preparers would be grandfathered into the program through an application, subject to approval by the Internal Revenue Service. TAP, a volunteer group that works to improve customer service and satisfaction at the Internal Revenue Service, made the recommendation as part of its annual report to the Treasury Department. Other recommendations made by the panel include eliminating the option to apply for refund anticipation loans through the IRS FreeFile Web site; informing taxpayers if all or a significant portion of their return will be outsourced to a location outside the United States; and clarifying that the earnings of newspaper carriers under age 18 are not subject to self-employment tax.
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The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
3h ago -
Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.
4h ago -
A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.
8h ago -
Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.
10h ago -
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.
April 24 -
Turns out clients are as mistaken about tax preparers as they are about taxes.
April 24