Please ensure Javascript is enabled for purposes of website accessibility
January 29, 2023

Baucus Proposal Would Give ‘Legal Authority’ to Regulate Tax Preparers

Finance Committee Chairman Max Baucus (D-MT) released Part Deux of his tax reform proposal today and it mostly addresses penalties for identity theft as well as securing the Social Security Administration’s Death Master File. As enthralling as all this sounds, Baucus's plan also would give "legal authority" for the IRS to regulate tax preparers. A judge brought the rules to a halt earlier this year, finding "the 19th century statute cited by the IRS didn’t let it require preparers to pass competency tests or pay fees." Of course, tax reform has about a snowball's chance in hell of becoming law, so little cause for concern. Although we'd never stand in your way of kvetching about it, anyway. [Bloomberg]

 

 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Now That Six Years of His Tax Returns Are Public, Here Are Four Words That Describe Donald Trump the Businessman

From the Los Angeles Times today: During the years in which Trump battled disclosure, much of the information he sought to keep secret about his pre-presidential finances became public anyway, largely from a 2020 New York Times investigation. The picture that emerged showed that for all Trump’s claims to be a great businessman, his core businesses […]

Interested in Interest Rates? The IRS Has Something For You

The Fed isn’t the only one raising interest rates these days. The IRS did too—and it has now for four consecutive quarters, including the first quarter of next year. Beginning on Jan. 1, 2023, the rate for overpayments and underpayments will be 7% per year, compounded daily, for individuals, up from 6% in Q4 of […]