U.S. Senate passes bill that equalizes disclosure standards for taxpayers and preparers
The U.S. Senate passed a bill containing a provision that would equalize tax return reporting standards for tax preparers and taxpayers.
The provision is part of a tax extenders package that the Senate passed by a vote of 93 to 2 on Sept. 23. The U.S. House of Representatives is expected to consider the Senate bill within the next several days.
Earlier this year the U.S. House of Representatives passed legislation (H.R. 6049) that included similar language to equalize the reporting standards for taxpayers and tax preparers.
A law passed by Congress in May 2007 raised the tax return reporting standards for undisclosed, non-tax shelter transactions for tax return preparers to a level higher than that required of taxpayers. The AICPA has pointed out that the nature of a taxpayers’ representation can be affected when unequal thresholds create conflicts of interest between preparers and their clients.
The Senate package also contains a provision that protects 20 million taxpayers that would be affected by the Alternative Minimum Tax.
The Senate tax bill is one of several major efforts in the works right now to provide aid to the current economic crisis. Lawmakers are trying to reach agreement on a $700 billion plan to bail out failing financial institutions. Democrats are trying to put together a stimulus package to help average citizens get through the current economic crisis.
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