CCH Tax News Headlines - July 19, 2011

Jul 19, 2011 1 Replies
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CCH Tax News Headlines - July 19, 2011 Federal Headlines:



7/19/2011 - _IRS Invites Comments on Continuing Education Provider Process (Notice 2011-61)_
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7/19/2011 - _FinCEN Offers Electronic Filing for FBARs_
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State Headlines:
7/19/2011 - _California --Corporate Income Tax: Retroactive Disallowance of Dividends Received Deduction Upheld_
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7/19/2011 - _Michigan --Corporate Income Tax: Film, Speedway, Brownfield, Historic Preservation Credits Clarified_
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7/19/2011 - _New Mexico --Sales and Use Tax: General Guidance on Gross Receipts and Compensating Taxes Updated_
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The continuing education requirements are an important part of the Registered Tax Return Preparer regulations that are coming into their own under the direction of the IRS. It is breathtaking to see these changes take place. Considering that the non-regulated environment was in place for decades, the changes are substantial and significant. Substantial because they focus on the knowledge and skill of tax preparers via the competency exam that starts this fall, and the continuing education that starts in 2012. Significant because the requirements must be complied with to be a paid preparer from this point forward. The oversight of continuing education providers is another aspect of the regualtion regime, and should help make the profession better.

Bob Smith Tax Preparer Learning Systems, LLC

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========================================= MODERATOR'S COMMENT: Thank you for your commentary. This board is for tax questions and comments, and as noted in the FAQ is not for commercial use.

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