Daily Tax Update - June 5, 2012: IRS Marks Third Anniversary of Return Preparer Review

IRS MARKS THIRD ANNIVERSARY OF RETURN PREPARER REVIEW:  Today is the third anniversary of the IRS return preparer initiative and the agency urged those paid tax return preparers required to pass a new competency test to take the test as soon as possible.  According to the IRS, "To date, over 4,800 people have become Registered Tax Return Preparers.  Beginning in 2014, only Registered Tax Return Preparers, Enrolled Agents, Certified Public Accountants, and attorneys will be authorized to prepare individual income tax returns for compensation."  The IRS said that it also plans create a publicly searchable database that will allow taxpayers to see if their tax preparers have met IRS standards or to find a tax preparer in their zip code area.

  • The RTRP (Registered Tax Return Preparers) competency test is available at more than 260 vendor testing centers nationwide. Preparers can determine if they have a test requirement by going to their online PTIN Account at http://www.irs.gov/ptin.  Preparers also can set a test date, time and location through their online PTIN Account.  More information about the test, its topics, a tutorial and list of study materials is available at www.irs.gov/taxpros/tests and select RTRP test.

TAX BILL INTRODUCED JUNE 4TH:

S.3257:  A bill to amend the Internal Revenue Code of 1986 to prohibit the use of public funds for political party conventions, as well as to provide for the return of previously distributed funds for deficit reduction.
Sponsor:  Sen Coburn, Tom [OK] (introduced 6/4/2012)      Cosponsors (2)
Latest Major Action:  6/4/2012 Referred to Senate committee. Status:  Read twice and referred to the Committee on Rules and Administration.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another party any plan or arrangement addressed herein.

STEPTOE & JOHNSON LLP - TAX PRACTICE
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country.  The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury, and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals, and the Supreme Court.  The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations, and charitable giving.  Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax, and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them.  Read more information on Steptoe's tax practice.