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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 > IRS Regulation and Administration

IRS Regulation and Administration

This section contains policies and AICPA comments related to tax administration and policy.


October 27, 2009 Letter to the Senate Finance Committee and the House Ways and Means Committee Concerning Proposals Regarding Certain Accuracy-Related Penalties and Codification of the Economic Substance Doctrine
This letter expresses concern about proposals to amend the Code contained in the substitute amendment to the America’s Affordable Health Choices Act (“H.R. 3200”) approved and favorably reported by the House Committee on Ways & Means on October 14, 2009. These proposals would change the accuracy-related penalty standards as they apply to certain large corporations and public companies, to tax shelters, and to transactions lacking economic substance. 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>>

Report on Civil Tax Penalties: The Need for Reform
On August 28, 2009, the AICPA submitted to congressional tax writing committees and officials at Treasury and the IRS a report on the need for a reform of the civil tax penalty system. 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 Tax Section Compiles Civil Penalty Guide
The AICPA Tax Section has compiled a Civil Penalty Guide. The Guide provides a brief, general overview of 15 civil penalties. Learn More>>


AICPA Comments on IRS Basis Reporting Notice
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>>

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>>

AICPA Statement to the IRS Oversight Board

On February 19, 2008, the AICPA commented on: (1) how the IRS can attract, develop, and retain key employees; (2) IRS "customer outreach" and tax educational opportunities for taxpayers and tax professionals; and (3) the federal legislation to regulate tax return preparers. Learn More>>

 

AICPA Calls for K-1 Due Date of September 15

On January 24, 2008, AICPA urged the IRS to change extended due date for partnership returns from October 15 to September 15, reducing the maximum automatic extension to five months instead of the current six months. Learn More>>

 

IRS Releases Final Tax Return Disclosure Regs

The IRS released final regulations regarding the disclosure or use of tax return information by tax return preparers; and a related revenue procedure. Learn More>>

 

IRS PowerPoint on Modernized e-File Form 1040 Status Report

January 2008. The IRS Modernized e-File 1040 Status Report PowerPoint provides an overview of the Service’s timetable and agenda for e-filing Forms 1040 from the current “legacy” system to the modernized e-file platform - the e-file platform currently used by large corporations and partnerships. Learn More>>

 

Tax Compliance Revenue Proposals in the FY2008 Budget

The AICPA comments on five tax compliance revenue proposals detailed in the Administration’s fiscal year 2008 budget submission to Congress. Learn More>>

 

AICPA Offers Congress Comments on the Tax Gap

On January 5, 2007, the AICPA wrote to the Senate Finance Committee in support of the committee’s efforts to “identify constructive ways to close the tax gap,” and submitted comments on the Joint Committee on Taxation’s staff options for closing the tax gap. Learn More>>

 

AICPA Testimony on Closing the Tax Gap

2007 testimony of the AICPA to various government bodies on efforts to close the tax gap. Learn More>>


AICPA Asks IRS to Not Include Tax Preparation Cost Estimates

The American Institute of Certified Public Accountants urged the IRS not to include any tax return preparation cost estimates in the 2006 Form 1040 instructions in its comment letter to the IRS regarding the Service’s Federal Register notice on taxpayer burden estimates. Learn More>>

 

Proposed Regulations Under Section 7216 of the Internal Revenue Code
April 1, 2006. AICPA Tax Section members can use this document to help answer client and media questions about disclosure of taxpayer information. Learn More>>

 

AICPA Comments on IRS Long-Term Goals

The AICPA submitted a comment letter to the IRS Oversight Board indicating support of the Service’s five proposed long-term enterprise measures involving: (1) e-file participation; (2) individual taxpayer satisfaction; (3) employee engagement; (4) voluntary compliance; and (5) non-revenue enforcement activity. Learn More>>

AICPA Suggests Refining Tax Return Preparer Registration Proposal

July 13, 2004. In this letter to Congress, the AICPA provides comments on the legislative proposal requiring the registration of federal income tax return preparers. Learn More>>


 

 

October 27, 2009 Letter to the Senate Finance Committee and the House Ways and Means Committee Concerning Proposals Regarding Certain Accuracy-Related Penalties and Codification of the Economic Substance Doctrine

This letter expresses concern about proposals to amend the Code contained in the substitute amendment to the America’s Affordable Health Choices Act (“H.R. 3200”) approved and favorably reported by the House Committee on Ways & Means on October 14, 2009. These proposals would change the accuracy-related penalty standards as they apply to certain large corporations and public companies, to tax shelters, and to transactions lacking economic substance. 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 Tax Section Compiles Civil Penalty Guide

The AICPA Tax Section has compiled a Civil Penalty Guide. The Guide provides a brief, general overview of 15 civil penalties. 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>>