AICPA Urges Relief from More-Likely-Than-Not Standard
November 15, 2007
On June 7, 2007, the AICPA wrote to the Department of the Treasury and the IRS urging that transitional relief be granted for the "more likely than not" provision, applicable to tax practitioners, that was in the Iraqi war supplemental funding bill signed into law by President Bush. The law stipulates that the provision is to be effective for returns prepared after the date of enactment, which was May 25, 2007. However, the AICPA said it believes that the IRS Commissioner has the authority to grant relief and that the need is "urgent," in order to "avoid extreme inequity, uncertainty, and administrative burden." Furthermore, the AICPA asked that the relief be granted immediately, citing the "impending June 15th filing deadline for certain fiscal year filers and the lead time needed for e-filing." The AICPA also included in its letter examples of problems that demonstrate the need for transitional relief.
