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William Byrnes (Texas A&M) tax & compliance articles

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New Rules For Tax Preparers

Posted by William Byrnes on January 31, 2011


Seal of the Internal Revenue Service

Image via Wikipedia

Prior to January 1, 2011, any individual could prepare a tax return or claim for refund for compensation.  An individual who prepared and signed a taxpayer’s return or claim for refund as the preparer generally could also represent that taxpayer during an examination of the taxable period covered by that return or claim for refund.

All that has changed ever since the IRS issued regulations which state that after December 31, 2010, in order to prepare a tax return for a fee, or to otherwise represent a taxpayer before the IRS, an individual must obtain a preparer tax identification number (PTIN). …

The Treasury Department and the IRS have decided to adopt the proposed regulations that establish a $50 user fee to apply for or renew a PTIN, which are estimated to recover the full cost to the IRS for administering the PTIN application and renewal program.

Read the full analysis at AdvisorFYI

Posted in Tax Policy | Tagged: , , , , , , , | 1 Comment »

 
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