November 1, 2010 12:00 am

New Office for Preparer Education

IRS Commissioner Shulman announced the creation of a new office called the Return Preparer Office to handle issues related to the mechanics of registration, continuing education, and testing requirements for tax return preparers. This office is in addition to the Office of Professional Responsibility, which investigates cases of improper conduct and ethical violations.

Note: Continuing education requirements were to have begun on January 1, 2011. However, the IRS has announced that it will waive the requirement for newly registered tax return preparers to take annual continuing education courses in 2011.

Source: Cmr. Shulman Announcement

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Tax Glossary

Itemized deductions

Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.

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