SCS/SB 219 - Under this act, the Missouri State Board of Accountancy may obtain information regarding peer review from any approved American Institute for Certified Public Accountants peer review program.
The Board may obtain the name and address of the public accounting firm, the firm's dates of enrollment in the program, the date of acceptance and the period covered by the firm's most recently accepted peer review, and if applicable, whether the firm's enrollment in the program has been dropped or terminated.
The act also establishes the "Taxpayer Protection Act".
For all tax years beginning on or after January 1, 2020, the act requires paid tax return preparers, as defined in the act, to sign any income tax return or claim for refund prepared by such paid tax return preparer and to provide such preparer's Internal Revenue Service preparer tax identification number.
Each failure to sign any income tax return or claim for refund, or to provide a preparer tax identification number, shall result in a fine of $50. Penalties shall not exceed $25,000 per calendar year.
The Director of Revenue may file suit to enjoin a paid tax return preparer from engaging in certain actions, as described in the act.
This act is substantially similar to HB 585 (2019), HB 943 (2019), SB 118 (2019), and SCS/HB 705 (2019).