Washington, D.C. The Internal Revenue Service released proposed regulations on Thursday that would establish a $50 fee for individuals who apply for a preparer tax identification number.

WWW.WEBCPA.COM writes: "The Internal Revenue Service plans to check more often for accuracy-related penalties in future correspondence audits with taxpayers."

"Thursday, July 22, 2010 -- Beginning in 2012, businesses will be required to file IRS Form 1099 information returns with the Internal Revenue Service (IRS) and report all payments to corporations for goods or services in excess of $600, SEMA recently reported."

From WWW.ME-MAG.COM