PARSIPPANY, N.J., Jan. 3 /PRNewswire-FirstCall/ -- The Internal Revenue Service issued regulations on January 3, 2008, that update the rules regarding the disclosure and use of tax return information by tax return preparers under section 7216 of the Internal Revenue Code. These regulations apply to the disclosure or use of tax return information occurring on or after January 1, 2009 and does not impact the 2008 tax season.
In addition to publication of the final regulations, the IRS also announced an advanced notice of proposed rulemaking requesting comments from industry participants and others regarding the disclosure and use of taxpayer information by tax preparers for the marketing of refund anticipation loans and certain other products. These comments are due on April 7, 2008.
The IRS noted that this proposed rule is in the very early stages to determine whether making changes to the method by which refund anticipation loans are delivered will increase tax compliance. Jackson Hewitt believes that if this proposed rule results in regulation, it will not lead to the elimination of refund anticipation loans.
"Jackson Hewitt firmly believes in the taxpayer's right to control their tax return information through a written consent process," said Michael Yerington, President and CEO. "We appreciate the opportunity during this comment period to advance consent use and disclosure requirements to ensure that tax return information is adequately secured, and to permit such taxpayers to make fully informed decisions about the use and disclosure of tax return information pertaining to the tax-related products and services that they choose."
Sheila Cort Vice President, Corporate Communications Jackson Hewitt Tax Service Inc. 973-630-0680
