The IRS announced today that it is considering new rules on the marketing of refund anticipation loans (RALs) and "certain other products" in connection with 1040 preparation.

The IRS can't ban such products, but it can tighten its rules, and penalties for violating them, in connection with the high-fee/high-interest loans. In that regard, the agency is considering prohibiting tax return preparers from "obtain[ing] a taxpayer's consent to disclose or use tax return information for the purpose of soliciting taxpayers to purchase such products."

Farming is a leading industry in Ohio , employing one out of every seven citizens and pumping more than $73 billion into the economy annually. Each year, farmers face threats ranging from unpredictable weather conditions to rising fuel costs and uncertain demand. Still, Ohio farmers produce corn that is destined for dinner tables and fuel tanks across the country, soybeans that are coveted by the Japanese as some of the best in the world, and enough grapes to make Ohio one of the top-ten wine producing states.

Ohio's poorest residents won't go without heat this winter if they fall behind on their utility bills - as long as they keep trying to make some payments.

In response to a call by Gov. Ted Strickland, the Ohio Public Utilities Commission on Wednesday forbade electric and natural gas companies to disconnect electric or gas service for Ohio's poorest consumers over the winter.

To read the full article from the Plain Dealer, click here.

Provided by The Ohio Society of CPAs

This column wraps up the Ohio Society of CPAs' “31 Tax Tips in 31 Days.” We will end our last tip with one small piece of advice – if you are unsure about any decisions you have made or about any tax situation, please consult a professional. Tax practice is one of the traditional services provided by CPAs. There are thousands of CPAs that work in public tax practice, many of which are members of the Society’s free CPA Referral Service Program.