The administration’s budget proposal to conform the penalty standards applicable to preparers and taxpayers has been welcomed by tax professionals concerned about possible conflicts of interest between preparers and their clients.The budget, the administration’s blueprint for legislative proposals, also calls for making permanent the 2001-2003 tax cuts, and offers measures to increase savings and investment and to improve compliance with the tax system. Rather than address Alternative Minimum Tax reform, it proposes a one-year patch to keep the number of taxpayers subject to the tax at around 4 million.
For tax preparers, the budget proposes conforming the penalty standards between preparers and taxpayers to eliminate possible conflicts of interest between preparers and their clients. “We’re very pleased that they support our position on this,” said Tom Ochsenschlager, vice president of taxation at the American Institute of CPAs.
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