The busy season is right around the corner.
Wondering what’s in store for you as a tax preparer?
Below is the Tax Season Preview we presented to preparers through Accounting Today.
Here are some highlights you should know about:
Legislation
- There is still no final legislation regarding the 50+ tax provisions that will expire.
- There has also been no announcement of the efile start date.
- Expect late legislation will cause delays in forms etc. at IRS.
IRS Regulations
All consents to use or disclose taxpayer information after January 1, 2014 must contain the mandatory language in Rev. Proc. 2013-14. This includes consent forms to allow information to be disclosed to another tax return preparer in order to prepare return.
IRS Preparer Regulations
The Loving Case was upheld, which means that the IRS will continue with the AFTR and include all those who complete it on the IRS national database. For 2015, the course covers filing season issues and tax law updates, + 3 hours federal tax law topics, 2 hours of ethics. It must be taken through an IRS Approved Provider.
In 2016 and beyond, the requirement is 18 hours.
Circular 230 Revisions
The new regulations make it clear that in the absence of a person or persons of “principal authority” who is subject to Circular 230 the IRS may identify one or individuals who are subject to Circular 230 as being responsible to take “reasonable steps to ensure compliance.”
ACA Implications
- Expect the ACA to have an affect on your practice.
- You may need to adjust appointment times and staff.