The IRS Loosens up and Asks for Feedback

The IRS has been busy this week, providing more time for financial professionals who had signature authority over clients’ overseas accounts through 2008 (before 2009) to catch up on reporting requirements to comply with FBAR disclosures. They now have until November 1, 2011.  

As a result of all the disasters in Missouri earlier this year, IRS has suspended certain stringent requirement for the low-income housing credit properties in the United States as a result of the devastation caused by severe storms, tornadoes, and flooding in Missouri beginning on April 19, 2011. They are allowing the properties to provide temporary emergency housing for people who have lost their homes or apartments – who would not otherwise meet the low-income qualifications.  

The Electronic Tax Administration Advisory Committee (ETAAC) today released its 2011 Annual Report to Congress during a public meeting. The report discusses five groups of recommendations on issues in electronic tax administration.

The report includes recommendations on the following topics:

  • standards for security and accuracy for the electronic tax community,
  • 1040 Modernized e-file (MeF) platform,
  • barriers to e-filing employment tax returns,
  • tax filing simplification
  • collaboration and partnership with the electronic filing community  

And IRS has sent out a survey asking for opinions on what we think is important for the new breed of registered tax return preparers to know about for the test they will start taking this fall. I can’t give you the link to it. Unfortunately, once I took the survey, the link no longer works.

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