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

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.