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News you can use on tax regulations, court decisions, legislation, and practice management.

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As a tax practitioner, you may have contemplated adding personal financial planning services to your practice. There is a natural progression to go from being your client's most trusted tax advisor to also being their most trusted personal financial advisor. But you have questions: will it be profitable? How do I get started? What are other CPA firms doing? All of these questions are addressed in a new research study published by the AICPA's PFP Section that can show you how to expand your services into this lucrative niche area that is a great compliment to your tax practice.

The Personal Financial Planning Section of AICPA and Moss Adams LLP are pleased to announce the results of their first joint study of CPA financial planning and advisory practices- AICPA/Moss Adams CPA Financial Planning Practice Study.

Click here for more information

 
Tax Home > Resources > Tax Advocacy for Members

Tax Advocacy for Members

The AICPA actively pursues legislative and regulatory measures in the interest of the tax system and AICPA members.

 

This section covers AICPA activities in Washington, D.C., regarding the latest legislative developments, tax policy efforts, and regulatory guidance.


AICPA Position Letter on Modifying Original and Extended Tax Return Due Dates - Open for Comment
The AICPA has approved a position to request that Congress and the Administration change the original and/or extended due dates of Forms 1065, 1120S, 1120 and 1041 to better enable owners of pass-through entities to receive Schedule K-1 information in a timely manner. The request is also intended to relieve workload burden on business entities that are all currently filing on the extended date of September 15. Before sending this letter to the government, the AICPA recognizes the broad impact such a change would have on our members and is therefore soliciting Section member comment until MONDAY, FEBRUARY 15, 2010. Please send comments to mhyman@aicpa.org by that date. Learn More>>

AICPA Comments on S Corporation Provisions on Tax Technical Corrections Act of 2009 (HR 4169)
The House version of the Tax Technical Corrections Act of 2009 (HR 4169) was about to do quite a bit more than fix a drafting error in section 1374(d)(7)(B) when the AICPA pointed out that the difference between a “taxable year” and a “year” are two completely different animals and that removing the word “taxable” would trigger a retroactive tax on S corporations that sold assets in 2009 in reliance on the plain meaning of the statute. Learn More>>

AICPA Answers Questions for IRS Review of Tax Return Preparers
The AICPA submitted answers to questions from the IRS on Notice 2009-60, relating to the agency’s review of tax return preparers. The IRS’s questions solicited information from tax practitioners about the current oversight environment of preparers, various options for improving the monitoring of preparers, possible education and training guidelines for preparers, and ethical standards. Learn More>>

AICPA Participates in IRS Preparer Review Initiative
Michael Dolan, IRS Practice and Procedures Committee Chair, presented the AICPA’s views on July 30, 2009 on the IRS’s plan to issue recommendations later this year regarding regulation of unlicensed tax return preparers. Mr. Dolan, in speaking before the IRS Public Forum on Preparer Review, stated that the Service already has sufficient authority to regulate federal tax return preparers without the need for an additional legislative grant of authority. Learn More>>

AICPA Comments on IRS Basis Reporting Notice
The AICPA submitted comments on Notice 2009-17, with respect to prospective guidance relating to the reporting of a customer’s basis in securities transactions. The reportining requirements were enacted into law as part of the Energy Improvement and Extension act of 2008. Learn More>>


AICPA Provides IRS Proposed FAQs, Seeks Additional Section 7216 Guidance
The AICPA and other professional organizations submitted eight draft frequently asked questions (FAQs) to the IRS, addressing issues of concern to taxpayers and tax return preparers relating to the section 7216 regulations. The FAQ document also includes a list of modifications the AICPA believes are critical to making the section 7216 regulations more workeable. Learn More>>

AICPA Statement on IRS Oversight and Tax Compliance 
The AICPA submitted a statement to the House Small Business Committee on April 1 on IRS oversight and tax compliance topics, including the alternative minimum tax, estate tax reform, the tax treatment of cell phones and personal digital assistants, the section 7216 regulations, penalty reform, the IRS e-file strategy, and offers in compromise. Learn More>>

 

New Section 7216 Regulations Become Effective

On January 1, 2009, new IRS regulations under Internal Revenue Code section 7216 became effective.  Absent a specific, exception, Treas. Reg. section 301.7216 generally prohibits the disclosure or use of tax return information without the client’s explicit, written consent.  Under section 7216, a tax return preparer is subject to a criminal penalty for “knowingly or recklessly” disclosing or using tax return information.  Each violation of section 7216 could result in a fine of up to $1,000 or one year imprisonment. Learn More>>

IRC Section 6694 Preparer Penalty Standard

The AICPA has been actively engaged in both legislative and regulatory efforts in response t the May 2007 revisions to the section 6694 preparer penalty standards, specifically with respect tothe 'more likely than not" standard.  Learn More>>

AICPA Supports the MOBILE Cell Phone Act of 2008 (H.R. 5450)

According to a 2004 NFIB Small Business Poll, 78% of small-business owners use a cell phone for business purposes. Learn More>>

The AICPA Testifies Before the House Small Business Committee on Ways to Modernize the Tax Code

On April 10, 2008, in testimony before the US House of Representatives’ Small Business Committee, the AICPA proposed changes to the taxation of S corporations, partnerships, the AMT, and estates. Learn More>>

IRS Issues Interim Relief on More-Likely-Than-Not Penalties

On December 31, 2007, the IRS indicated that, if a position satisfies the substantial authority standard, practitioners will not be required to disclose the position nor be subject to a section 6694 preparer penalty if they meet the requirements outlined in Notices 2008-11, -12, and -13. Learn More>>


AICPA Asks for Guidance Under New Section 6694 Preparer Penalties In a November 7, 2007, letter to the IRS, the AICPA described guidance needed under the new preparer penalty provisions of section 6694. Learn More>>

 

AICPA Urges Relief from More-Likely-Than-Not Standard

On June 7, 2007, the AICPA wrote to the Department of the Treasury and the IRS urging that transitional relief be granted for the "more likely than not" provision. Learn More>>

 

AICPA Comments on 2007-2008 IRS Guidance Priority List

AICPA submitted suggestions to the IRS and Treasury on the 2007-2008 Guidance Priority List. The 2007-2008 Guidance Priority List will establish the guidance that the Treasury Department and the IRS intend to issue from July 1, 2007 through June 30, 2008. Learn More>>

 

Congress Exempts CPAs from Gramm-Leach-Bliley Disclosure Provisions

Congress passed an exemption for CPAs from the privacy disclosure provisions of the Gramm-Leach-Bliley Act. Learn More>>

 

IRS Awards AICPA Citation of Excellence in Serving Small Business Community

November 2, 2005. At the annual National CPA/IRS Tax Issues Meeting in Washington, DC, Small Business/Self Employed Commissioner Kevin Brown presented the AICPA Tax Section a citation of excellence for our "outstanding team effort in delivering products, services and education to the Small Business/Self Employed Operating customer." Learn More>>

 

AICPA Makes Recommendations for IRS-Treasury 2006-07 Priority Guidance List

The AICPA has submitted recommendations for the Treasury-IRS 2006-2007 Guidance Priority List. The comments cover a range of areas that affect individual and business taxpayers. The AICPA also emphasized the continuing need for Treasury and the IRS to continue efforts to simplify tax regulations and cited three examples of “simple” guidance released by the IRS. Learn More>>

 

AICPA Sends IRS/Treasury Ideas for Needed Guidance

May 25, 2004. These suggestions were provided for inclusion in the 2004-2005 IRS/Treasury Priority Guidance Plan. The document contains the AICPA's recommendations on a number of issues, including simplification, safe harbor alternatives, clear and consistent definitions, horizontal drafting, the implementation of business and industry-standard record-keeping practices, among others. Learn More>>