Tax Frauds in USA likely to impact Tax Return Preparers
May 09, 2010
With an amendment in the senate version of the Worker, Homeownership and Business Assistance Act, 2009 requires Tax Returns Preparers in USA to file individual returns electronically unless the preparer expects to file fewer than 10 returns in a calendar year.
This amendment is resultant to widespread fraud & abuse in the preparation of tax returns. With this amendment, all Tax Return Preparers would need to apply for Electronic Filing Identification Number (EFIN), which will be used in filing returns. This would help the Internal Revenue Service (IRS) to track individual returns.
This indicates the future course of action for Indian revenue department too. Currently, Tax Preparers in India are trained & tested before they could render services.
It is pertinent for individuals filing their tax returns through such tax preparers to check the credentials & ascertain their quality before using their services lest they get into trouble for filing any wrong information.
|