AICPA requests electronic signature update

The American Institute of Certified Public Accountants (AICPA) created a task force to discuss the IRS rules on electronic signatures and recommend changes in light of challenges brought on by COVID-19. The task force includes members from RSM’s Tax Quality and Risk Management team, along with other risk management professionals from the Big 4 and other mid-size public accounting firms. The AICPA submitted a letter of recommendations to the IRS on June 4 requesting relief from manual signatures for both taxpayers and Electronic Return Originators on all Forms 8879. Currently, the IRS only allows alternative signature methods on Forms 8879 (Form 1040 – Individual Income Tax Returns) and 8879-F (Form 1041 – Fiduciary Income Tax Returns).