The tax prep season is just upon us, and it has some very interesting wrinkles already. To begin with, Congress once again enacted legislation just before it left for the Holiday recess that directly impacted tax return preparation. Then there is the concern over severe implications of the tax preparer penalty changes.
With quite a bit of noise and urging, IRS decided just in time to issue interim guidance in an attempt to placate some very upset preparers. A statement by Tom Ochsenschlager, AICPA vice president for taxation, seems to indicate that it might have worked. “The IRS notice gives practitioners the appropriate message that the Service will go after practitioners who don’t act in good faith, while providing a level of comfort for the vast majority of practitioners who strive to do the right thing every day,” says Ochsenschlager in an AICPA press release.
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