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Industry Panel Perspectives May 2012

Industry Panel Perspectives May 2012. Industry Panel Perspectives May 2012 Modernized eFile (MeF) Presented by Michele Geraci. Background. MeF Roadmap 2010: Support for 23 Forms 2011: Additional Forms and Focus on Infrastructure 2012: Support for Remaining Forms/Schedules.

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Industry Panel Perspectives May 2012

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  1. Industry Panel Perspectives May 2012

  2. Industry Panel Perspectives May 2012 Modernized eFile (MeF) Presented by Michele Geraci

  3. Background • MeF Roadmap • 2010: Support for 23 Forms • 2011: Additional Forms and Focus on Infrastructure • 2012: Support for Remaining Forms/Schedules

  4. Challenges • Slow Acknowledgements Lead to MeF Shutdown • Refund Delays • Return Processing Issues

  5. Impact • Taxpayers • Delayed Refunds • Where’s My Refund • Industry • Significant Call Volume • Brand Image Impact

  6. Recommendations • Support Legacy EF for Another Tax Season • Set Taxpayer Expectations for Refund Timing

  7. Industry Panel Perspectives May 2012 Return Preparer Regulations Presented by Kathy Pickering

  8. RTRP Requirements

  9. Upcoming Challenges • Tax Preparer Attrition • Test Schedule Compression • PTIN Information and the Freedom of Information Act • Compliance / Enforcement of Regulations • Preparer Penalties

  10. Successes • IRS personally delivering first certificates • Recognition and celebration of accomplishment • IRS engagement and communication • Establishment of Return Preparer Program office • Willingness to review/revise plans – e.g. fingerprinting • Proactive problem solving for potential issues

  11. Industry Panel Perspectives May 2012 Tax Armageddon Presented by John Sapp, CPA

  12. Prophecy and PrognosticatorsDecember 2012 – The end of the World? “…Ticking Time Bomb…” “…Total Confusion…” “…Real disaster in the filing season…” “…Very Very Concerned…”

  13. Prophecy and PrognosticatorsDecember 2012 – The end of the World? ? ? ?

  14. 93 Expiring or Expired Tax Provisions • Federal Debt Limit • Election Year • BCA Spending Cuts • Medicare Payment Rate Reduction • Why not just extend? • Deficit from $3.0 Trillion to $11.0 Trillion “Ticking Time Bomb”

  15. AMT Exemption • Depreciation • Above the line Deductions • After AGI Deductions • Tax Rates • Taxable Income “Very Very Concerned”

  16. “Total Confusion” • Taxpayers • Politicians • IRS • Financial Markets (ASC 740) • IRS • Tax Preparers • Industry

  17. “Real Disaster” • Confusion • Inability to file • Delayed Season start • Support and Communication • Resource Allocation

  18. Industry Panel Perspectives May 2012 Forward Framework Presented by Dave Olsen

  19. Challenges

  20. Communication Framework • Real time MeF world of expectations • Key Principles • Transparency • Timeliness

  21. Communication Framework • Proposed Definition of an Event Interruption of a process for over x minutes…

  22. Communication Framework Communication Process Foundation • Leverage industry front-line with • Taxpayers • Preparers • Initial Alert / Hourly Updating • Internal / External Channel Consistency • Data Availability

  23. Objectives • Build on planning process successes • Long term – “Dashboard” • Partner and move forward

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