Foley Partner Michael Bailey was quoted in an article that appeared in The Bond Buyer on October 13, 2010 titled “New IRS Rules for Tax Preparers Spur Questions.” Bailey discusses new rules adopted by the Internal Revenue Service that require paid tax preparers to register for a preparer tax identification number and pay penalties for improper filings. He notes that professionals in smaller organizations who are neither formal accountants or lawyers but still assist in providing tax returns will be required to register under the new rule.
