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

Questions to ask before committing to the cloud

Cloud computing has its pros and cons. In this report, we answer common questions CPAs may have as they consider transitioning partially or fully to the cloud.

QUIZ

News quiz: Experts offer guidance on accounting standards

Take this short quiz to see how much you know about the news, including a couple of SEC announcements, and facts cited in the guidance experts have offered on accounting standards.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.