The proposed regulations aim to amend the rules for practicing before the IRS, eliminating outdated provisions and updating standards for practitioners like tax return preparers, appraisers, and CPAs. Key changes include removing unenforceable rules related to registered tax return preparers, redefining the use of contingent fees as disreputable, and updating appraisal standards to align with modern practices. The new regulations also set forth procedures for appraiser disqualification and clarify the disciplinary process for practitioners who violate IRS guidelines. The draft regulations invite public comments and set the dates for submission and hearing.
Simple Explanation
The document talks about changes to the rules for people who help others with their taxes. It explains that some old rules will be removed, and new ones added, like rules about how fees are charged and how things are valued, to make sure everyone is doing things the right way.