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.

 

QUIZ

Personal happiness and new hires’ pay on the rise

The news of the past couple of weeks hit home with reports on personal financial satisfaction and pay for finance professionals. See how much you know about recent news reports with this quiz.

SPONSORED REPORT

Preventing and detecting fraud at not-for-profits

Organizations in all industries must deal with the potential for fraud to occur, and design controls to prevent and detect it. Environment, policies, and controls can help organizations steer clear of problems.

PROFESSIONAL LIABILITY SPOTLIGHT

The dangers of dabbling

To meet evolving marketplace needs, CPAs often look to diversify their service offerings. Firms can mitigate the risk of experiencing competency-related professional liability claims by implementing these basic steps.