Tax News: Tax Preparers, Tanning Beds, Pets
January 15, 2010
By Oregon Tax News,
New regulations, taxes, and fees and even some interesting new tax credits may be in store for this year. Federal agencies and Congress will consider numerous policy proposals that will increase regulatory action, increase taxation, and even provide a tax breaks. Currently, dogs, cats, and other household pets are the winners while tax consultants and tanners are the losers.
The Internal Revenue Service (IRS) is looking at increasing regulations on tax preparers by 2011. According to the IRS, approximately 60 % of taxpayers have someone handle their taxes for them. “This is something that is long overdue,” IRS Commissioner Doug Schulman said, adding that there are “no national, professional standards for one of the largest financial transactions individuals have each year.”
Proposed rule changes would require tax preparers to pay a registration fee to the IRS and employees would need to pass a competency test and take 15 hours of education a year. Preparers would have three years to pass the test. Among those to be regulated are larger tax preparation firms such as H&R Block and Jack Hewitt tax Service Inc. Changes would also apply to thousands of independent preparers as well, but certified public accountants that are already regulated by professional standards would be exempt. Read more…
By Oregon Tax News,
Due to the ongoing economic crisis, Oregon’s Indian gaming industry suffered a 1.2 percent decline in revenue last year, placing the state No. 24 among the 31 Indian gaming states. According to economist Alan Meister and his recently released annual Indian Gaming Industry Report, no new tribes entered the gaming business and existing players did not open any new facilities in Oregon during the year.
Nationally, the gaming industry, once thought to be recession-proof, has been hit hard, according to the News-Register. Many casinos reported declining visitor traffic and spending per visit, resulting in declining revenue. There has also been a delay or downsizing of casino development projects and employee layoffs and furloughs.