Section 7216: IRS releases updated tax season guidance for comment
The IRS released temporary clarifying guidance this week to help tax practitioners during the upcoming tax season meet the regulations under Section 7216.
The temporary regulations contain proposed amendments to section 7216 to provide modified rules relating to the ability of a tax return preparer to:
- Use tax return information, without taxpayer consent, to compile, maintain, and use lists for solicitation of tax return business
- Disclose and use statistical compilations of data
- Disclose and use tax return information to perform conflict reviews
The text of the temporary regulations also serves as the text of the proposed regulations. The proposed regulations are open for public comment. The IRS and the Treasury Department request comments on:
- The clarity of the proposed rules
- How they can be made easier to understand
- Administration of the rules in the proposed regulations
Read the Revenue Rulings:
Visit OSCPA’s Web site for more details on Section 7216 and resources on how to comply.
More tax news
- Proposed AMT fix, tax extenders could cost $3 trillion
- The President’s proposals to index the Alternative Minimum Tax (AMT) for inflation and to extend expiring tax provisions could add another $3 trillion to the national debt by 2020. The Congressional Budget Office (CBO) is warning that the AMT fix...
- IRS extends moratorium on tax shelter penalties
- The IRS extended its moratorium on collecting penalties on listed tax shelter transactions from small businesses until June 1, 2010. Congress again pressured the IRS to temporarily suspend its efforts to collect penalties on some listed tax...
- IRS temporarily suspends FBAR filing for non-citizens
- The IRS has temporarily suspended the June 30, 2010, requirement to file a Report of Foreign Bank and Financial Accounts for the 2009 and earlier calendar years for people who are not U.S. citizens, U.S. residents or domestic entities. Following...
- Taxpayers favor regulation of tax preparers
- A majority of taxpayers support regulating tax preparers, according to the IRS Oversight Board’s annual Taxpayer Attitude Survey . Since 2007, the annual survey has shown overwhelming support for requiring tax preparers to meet competency and...
- Recovery Act highlighted IRS reporting and enforcement problems
- Significant reporting and enforcement concerns emerged as the IRS made tradeoffs in implementing more than 50 provisions contained in the American Recovery and Reinvestment Act in 2009, according to a report from the GAO . The GAO report...
- IRS seeks new Electronic Tax Administration Advisory Committee members
- The IRS is accepting applications to fill vacancies for its Electronic Tax Administration Advisory Committee (ETAAC). The committee provides a public forum for electronic tax administration issues. It supports the overriding goal that paperless...
- New Q&A released on proposed tax preparer regulations
- A new Q&A on the IRS Web site addresses concerns that tax practitioners have regarding the proposed tax preparer regulations, including the new fee structure. Will the new IRS registration fee be applicable to all enrolled agents, attorneys, and...
- IRS proposal for uncertain tax positions could have far-reaching effects
- The IRS proposed regulations that would require companies to disclose their uncertain tax positions is causing concern among many in the profession. The AICPA’s Tax Division has formed a new task force to respond to the IRS proposal saying they...
- Supreme Court asked to consider tax accrual work papers confidentiality case
- Financial Executives International (FEI) filed an amicus curiae “friend of the court” brief with the United States Supreme Court in support of a petition for review of the U.S. vs. Textron case. The case concerns whether a public company can...
- OSCPA begins tax season image campaign
- OSCPA is using tax season to drive its ongoing CPA image campaign. The campaign emphasizes the value CPAs provide to taxpayers faced with the daunting task of completing their 2009 returns. On the flip side, Ohio Attorney General Richard Cordray...
Back to Tax home pageLAST UPDATED 12/30/2009