WASHINGTON —Taxation issues in the telecommunications and retail industries, which affect nearly all taxpayers in those markets, have been chosen by the Internal Revenue Service and the Treasury Department for the development of guidance under the IRS’s Industry Issue Resolution program. Read more...

Proposed requirements for professional tax preparers hold out the possibility that professionals might be required to pay for applying for and obtaining identification numbers, the PTINs that are a key part of new regulations proposed by the Internal Revenue Service. The IRS estimates that the requirements would affect as many as 1.2 million tax preparers, with about 70 to 80 percent of these employed in businesses that earn less than $8.5 million each annually  Read more...

The Refund Anticipation Loan business isn't going away but it will become lot tougher on tax preparers as banks implement policy standards set by the Office of the Comptroller of the Currency that will guide their relationships with preparers. Preparers will be subject to back ground checks, monitoring of their practices and also face the development of a mystery shopper program at preparer locations that the regulators see as necessary to ensure fair fees and practices. The agency also called for training via an annual certification process.

WASHINGTON — The Internal Revenue Service wants trouble, at least in the sense that it wants tax issues such as controversies, disputes or unnecessary burdens on business taxpayers submitted to Industry Issue Resolution. Submission received by March 31 will be considered for acceptance. Those accepted will be placed on the Treasury/IRS Priority Guidance List. Read more...