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IRS Issues Proposed Regulations Adjusting Use of Some Taxpayer Information
WASHINGTON — The Internal Revenue Service today announced the issuance of proposed and temporary regulations and related revenue rulings addressing the use or disclosure of tax return information by tax return preparers.
The regulations and related revenue rulings under section 7216 enable tax return preparers to more effectively provide a range of services that taxpayers would ordinarily expect from tax return preparers. Generally, these services benefit taxpayers, increase voluntary compliance and improve tax administration.
The proposed and temporary regulations enable tax return preparers to use or disclose tax return information without explicit taxpayer consent in certain limited circumstances. Tax preparers can contact their clients regarding tax law developments that may affect the clients. They can also disclose information in connection with the potential sale or purchase of a tax return preparer’s business and during the process of conducting client conflict-of-interest checks.
Before these proposed regulations are adopted as final regulations, consideration will be given to any written (a signed original and eight copies) or electronic comments that are submitted timely to the IRS. The IRS and the Treasury Department request comments on the clarity of the proposed rules, how they can be made easier to understand and the administrability of the rules in the proposed regulations. All comments will be made available for public inspection and copying. A public hearing will be scheduled if requested in writing by any person that timely submits written comments.
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The "Duh" Factor – Some Credit Card Companies Just Suck!
By Stacie Clifford Kitts, CPA
Credit card companies are suddenly and drastically raising interest rates on people who have not had any credit problems, who are paying their balances on time, and who signed up for a card based on certain agreements which included a specific interest rate. How sucky is that?
Okay, we know that the “fine” print on a credit card application allows changes to the terms which includes interest rates. However, as indicated in this CNN article, Some Credit Card Companies Rush to Act Before New Law , some of these companies have doubled the payments for some cardholders. By the way, these cardholders have done nothing that would justify such an egregious increase in their monthly payment.
It would appear that this rate hike is in response to a new consumer protection law, which will prevent credit card companies from doing just what they are doing now – sudden and irrational rate increases on existing balances.
Do you suppose these company executives where sitting around the conference room table thinking of ways that they could “get even” with lawmakers for regulating their industry? What better way than to screw over their own cardholders. Sounds like the answer to me. Let’s mess with the cash flow of a few million consumers. Seems like a sure fire way to solve the country’s financial problems.
This business strategy is not about dealing with consumers who have been fiscally irresponsible – no indeed. It is about greed!
Well, I guess I should feel sorry for these executives. Why? Because they are sad little people who have implemented a business strategy to punish cardholders for a law that was a direct result of their inability to regulate themselves.
Obviously if these companies were not acting like credit vultures, then we would not be looking at new regulations. DUH
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