Because it concluded that a lawyer does not render "legal advice" when the work involves the preparation of a
tax return, the Seventh Circuit held that tax preparation advice is not protected when an accountant provides it.
The new rules do not change the current method for filing extensions for corporate income
tax returns; rather, they broaden its scope.
The final regulations create a new class of practitioner and provide standards for all
tax return preparers that align with the tax preparer penalty provisions under Sec.
FBR should also arrange quarterly certification tests for the candidates through one or multiple testing services such as NTS besides publishing a union council and district wise directory of the people who qualify the
tax return facilitators certification examination.
However, the last date for filing
tax returns has been set at Aug 31 leaving only 14 days - including eid holidays - for the taxpayers.
Lawyer Deogracias Villar Jr., head of the BIR revenue district office here, said Ellick failed to file 93
tax returns from November 2011 to November 2016.
Soon after the end of each tax year, HMRC send a notice to complete a
tax return for that year to everyone who they know is required to complete one.
Subtle differences exist between preparing a
tax return and taking a
tax return position.
If your
tax return is more than three months late, a daily penalty of PS10 per day can be charged for up to 90 days (maximum PS900), and if the return is over six months late, there is a further penalty of PS300, or 5% of the outstanding tax, whichever is greater.
When it issued the temporary regulations, the IRS said they were intended to provide additional flexibility to
tax return preparers and to provide benefits to taxpayers without compromising taxpayers' rights to control the use or disclosure of their
tax return information.
The primary motivation for the new regulations is concern by Congress and the IRS about the confidentiality of income
tax return data.
In light of the IRS e-filing mandate, the additional resources may have been well spent, since 52 percent of companies reported that their
tax return was accepted on the first try, and only 3 percent experienced a rejected return more than five times.
The IRS website notes that for corporations that use a tax professional to prepare only a portion of the income
tax return, the internal process may change.
The online system is secure and robust and during this past income
tax return time it handled four transactions per second, Anfossi says.
