U.S. House provision equalizes reporting standards for tax preparers, payers
The U.S. House of Representatives passed a bill supported by both The Ohio Society and the AICPA that equalizes the tax return reporting standards for tax preparers and taxpayers.
The language is included in H.R. 6049, the “Renewable Energy and Job Creation Act of 2008,” which is commonly known as the tax extenders bill. The House approved the bill by a vote of 263 to 160.
The legislation corrects the flawed law Congress passed in May 2007 that raised reporting standards for tax return preparers to a level higher than that required of taxpayers. The unequal thresholds produced by that law can create conflicts of interest between preparers and their clients, and consequently would affect the nature of taxpayers’ representation.
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