Why is the IRS eliminating the “affiliated group’ provision that allows tax preparers, with permission, to share tax information within subsidiaries?
The “affiliated group” provision no longer reflects the tax preparation industry business structures. Very few tax preparation firms have corporate structures that meet the affiliated group definition, that is, related corporations under common ownership that sell IRAs, home equity loans or other financial products. For example, many Certified Public Accounting firms are organized as partnerships, not as corporations with affiliated groups. And, many tax preparers operate as sole proprietorships with few employees and no subsidiaries.
Related Questions
- Why is the IRS eliminating the "affiliated group’ provision that allows tax preparers, with permission, to share tax information within subsidiaries?
- By eliminating the ‘affiliated group’ provision, isn’t the IRS expanding the number of tax preparers who can disclose taxpayer information?
- REDUCING OR ELIMINATING IRS TAX PENALTIES! HOW CAN I REDUCE OR REMOVE PENALTIES?
