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A New IRS Law Will Shake Up Your CPA…And Maybe You Too
Posted: Thu Jul 26, 2007 2:28 am
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A New IRS Law Will Shake Up Your CPA…And Maybe You Too
July 15th, 2007 · by Bob Meyer ·
A new law enacted in May, as part of the wide-ranging legislation that included funding for the Iraq war, reflects efforts by Congress to narrow the nation’s tax gap, or the amount of taxes that go unpaid each year–about $290 billion.
The new law represents an attempt to deputize more tax practitioners by holding them to a higher standard. In short, the new law puts the onus on tax preparers to head off tax dodging.
The law is intended to make preparers more cautious about signing tax returns that include questionable or aggressive tax items without disclosing the details to the Internal Revenue Service on a special form.
Stiff penalties may be imposed not only on income-tax preparers, but also on those who prepare estate and gift tax returns, employment and excise-tax returns, and returns of tax-exempt organizations.
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