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

Tax Glossary

Residential rental property

Real property in which 80% or more of the gross income is from dwelling units. Under MACRS, depreciation is claimed over 27.5 years under the straight-line method.

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