The recent hearings by the Internal Revenue Services on its proposed preparer penalty rules under Code Section 6694 were the proverbial "last shot" for any concerns to be voiced before the rules become final.Five organizations - including the American Institute of CPAs, the American Society of Appraisers, Padgett Business Services, the National Association of Bond Lawyers, and H&R Block - took the opportunity to testify, while everyone acknowledged the efforts put in by the Treasury and the IRS.
"It's standard to begin by thanking the government, but in this case they really did a wonderful job," said Tom Ochsenschlager, the AICPA's vice president for taxation, who attended the hearings. "They worked extremely hard, and got out their advice in short order."
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