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AICPA-Backed Tax Provision Passes House Ways and Means May 16, 2008 (SmartPros) The House Ways and Means Committee on Thursday approved the Energy and Tax Extenders Act of 2008, which includes a provision that would equalize the tax return reporting standards for tax preparers and taxpayers. The provision is backed by the American Institute of CPAs. Tom Ochsenschlager, AICPA vice president for taxation, said, “We believe legislation is the only way to correct the flawed law passed by Congress in May of 2007 that raised the tax return reporting standards for tax return preparers to a level higher than that required of taxpayers." Ochsenschlager said that the thresholds create the potential for conflicts of interest between preparers and their clients, and consequently could affect the nature of taxpayers' representation. See also: CPA 2008 SmartPros Ltd. All rights reserved. |
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