Tax Return Preparer Penalty Changes A recently released IRS notice (REG-129243-07) contains proposed regulations implementing amendments to the tax return preparer penalties. Comments on the proposals must be filed by Aug. 4.

The IRS has a comprehensive Economic Stimulus Payments Information Center providing information on eligibility, instructions on how to receive the payments and more.

And then there were five. The Financial Accounting Foundation reduced the number of FASB members from seven to five.
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Is the state and local income tax deduction an "efficient use of federal resources"? The Congressional Budget Office released a report this month that takes a long hard look at that question.

Tax-Free Mortgage Workouts—Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief. Learn more>>

Changes for Auditors—The PCAOB’s new Auditing Standard No. 6, Evaluating Consistency of Financial Statements, updates the auditor’s responsibilities to evaluate and report on the consistency of a company’s financial statements and align the auditor’s responsibilities with SFAS No. 154.

FASB has launched its one-year verification phase of the FASB Accounting Standards Codification, during which time constituents can research accounting issues for free and provide feedback on whether the Codification content reflects U.S. GAAP for nongovernmental entities. Learn more.

Enhanced Standards for Tax Return Preparers–CalCPA member Kip Dellinger, CPA analyzes new IRS regs that expand tax return preparer penalties. Learn more in a Feb. 7 webcast.