December 15, 2011
 
Among the interesting news stories this week is information about the IRS's ongoing plan to randomly check up on tax return preparers. The IRS has indicated it intends to focus on tax preparers who have a practice that includes the preparation of a large number of individual tax returns that contain Schedules A, C, and F. A letter from the IRS has been mailed to 21,000 tax preparers. The point of the letter seems to be to remind tax preparers that they should take their jobs seriously and not mess up their clients' returns. If you receive one of these letters, you have a one in ten chance of being singled out for an in-person visit from your friendly IRS representative.
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Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com
  
IRS to MC Hammer: We Can Touch This
It's Hammer time: The Internal Revenue Service (IRS) is going after MC Hammer for $779,585 it claims he owes in back taxes dating back to 1996 and 1997. According to entertainment news outlet TMZ, the federal government has initiated a lawsuit to recover the tax debt from Hammer.
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IRS Continues to Check Up on Tax Return Preparers
The IRS recently mailed a letter to more than 21,000 tax return preparers who filed returns in 2011 that had a high percentage of attributes typically associated with inaccuracies and misinterpretations of tax law. Door-to-door meetings with 2,100 of those tax return preparers will be scheduled.
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Election Watch 2012: Gingrich Says He'll Reduce Taxes and Reform Government Regulations
When asked by Diane Sawyer during the December 10 GOP debate about his "distinguishing idea" to create jobs and bring jobs back from overseas, Gingrich stuck close to his "pro-growth Jobs and Prosperity Plan," which advocates lowering taxes and reforming government regulations to grow the American economy.
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