AICPA Testifies About Tax Return Preparer ID Plan


Patricia Thompson, CPA/PFS, vice chair of the AICPA’s Tax Executive Committee, spoke Thursday at an IRS hearing on the IRS’ plan to require all paid tax return preparers to obtain and use a preparer tax identification number (PTIN). She said the IRS’ PTIN proposal, along with its proposal to make all preparers subject to Circular 230’s ethics standards, “should be sufficient to address problems with unethical and incompetent tax return preparers.”

 

However, she also voiced several AICPA concerns with the proposals—concerns that the AICPA raised in a letter to the IRS last week, commenting on proposed regulations that would implement the PTIN requirement. (For JofA coverage, see “AICPA Submits Comment Letter on IRS PTIN Proposal.”) 

 

Thompson also addressed the education and testing requirements that the IRS has proposed to impose on return preparers. She asked that any new IRS examination process be delayed.

 

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.