The Internal Revenue Service (IRS) launched its new preparer tax identification number (PTIN) regime today, a major step in its planned system of registration, qualification and oversight of all paid tax return preparers.
The AICPA worked tirelessly to ensure that CPAs’ commitment to professional practice standards was taken into account in the tax preparer registration regulation process, specifically CPAs’ superior education, regulation and ethical standards. As a result of the AICPA’s advocacy, CPAs are not required to meet the IRS examination and CPE requirements associated with the new regulations.
Today’s announcement from the IRS stated that it has “under serious consideration” additional guidance that may extend similar treatment to non-signing preparers who serve under a qualifying individual in certain professional firms, such as a CPA firm. The AICPA will keep you informed of any future developments.
For more information, please see the resources below: