The D.C. Circuit Court of Appeals ruled Tuesday that the IRS had no legal authority to impose a nationwide licensing scheme on tax return preparers that would have required testing and continuing education as Registered Tax Return Preparers. The decision affirms a January 2013 ruling by U.S. District Court Judge James E. Boasberg, which struck down the IRS’s new regulations as unlawful (see Court Rules IRS Doesn’t Have the Authority to Regulate Tax Preparers. In the case, known as Loving[…]
Accounting Today: Obama Plans ‘MyRA’ Retirement Savings Accounts
President Obama introduced a new retirement savings vehicle that he called a “MyRA” in his State of the Union address on Tuesday evening, and the White House has followed up with more details on Wednesday about it. “Let’s do more to help Americans save for retirement,” said Obama. “Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help[…]