Bush Wants To Scrap Tougher Standards For Return Preparers - that took effect January 1
Those standards require positions taken on returns to have a better than 50% chance of being upheld by the IRS.
Otherwise, the preparer must disclose that position to the Service to avoid penalties.
Under Bush's proposal, the standard for preparers in cases that don't involve tax shelters would be the same as the one for taxpayers. Preparers would need to have substantial authority...about a 40% chance the position is valid. Congress will go along.
Kiplinger Tax Letter - Feb. 8, 2008
Those standards require positions taken on returns to have a better than 50% chance of being upheld by the IRS.
Otherwise, the preparer must disclose that position to the Service to avoid penalties.
Under Bush's proposal, the standard for preparers in cases that don't involve tax shelters would be the same as the one for taxpayers. Preparers would need to have substantial authority...about a 40% chance the position is valid. Congress will go along.
Kiplinger Tax Letter - Feb. 8, 2008
posted by Milt Baker CPA | 11:30 AM
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