Monday, June 30, 2014

IRS Revenue Procedure 2014-42

The IRS has just released revenue procedure 2014-42 with regards to their Annual Filing Season Program (AFSP).

Here's the link:

http://www.irs.gov/pub/irs-drop/rp-14-42.pdf

According to IRS commissioner, "This voluntary program will be a step to help protect taxpayers during the 2015 filing season."

Did they (the IRS) really think about protecting taxpayers? No way! How about those who will not volunteer to this program? Bottom line, this will confuse taxpayers more than before.

The IRS need to make up their minds about regulated tax return preparers. In my opinion, this voluntary program is very confusing for credentialed tax preparers including attorney, CPAs, and EAs.

On a positive note, this voluntary program concentrates mainly on continuing education. Which, is a good things, since we all need to be updated with our complex tax laws.

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Got a tax question? 

Email:

NGO.TRUNG.EA2011@gmail.com


Circular 230 Disclosure 
 
Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication

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