Refund Contingency Fees

[BobKamman]

Interesting provision from the tax bill released today for the House Ways & Means Committee hearing tomorrow:

Sec. 112211. Restriction on regulation of contingency fees with respect to tax returns, etc.

Current Law: Not applicable.

Provision: This provision restricts the Treasury Department from regulating, prohibiting, or restricting the use of contingency fees in connection with tax returns, refunds, or documentation with tax returns for refunds prepared on behalf of taxpayers.

47-page summary, if you want to read all about exemptions for tips and overtime:

https://waysandmeans.house.gov/wp-content/uploads/2025/05/The-One-Big-Beautiful-Bill-Section-by-Sect...

The section on tips refers to Form 4317, the bill itself has the correct number 4137, but I'm not sure how it applies to self-employed people who receive tips.  

[dkh]

Is it truly named  'The One Big Beautiful Bill"            

[IRonMaN]

I would suggest renaming it as "The One Big Lame Bill".

[sjrcpa]

@dkh That name appears on the first page of the linked document.

[dkh]

@sjrcpa     I'm leery of clicking on links.   I did, however, Google that silly name to see if it was for real.

Sounds like something a third grader would choose.  What happened to a nifty acronym ?

[IRonMaN]

I scanned through it and after that scan I was going to ask if some six graders wrote it, but I went ended up just going with lame.  I am willing to agree that it could have been 3rd graders instead of 6th graders though.

[sjrcpa]

"What happened to a nifty acronym ?"

OBBB, pronounced Obi as in Wan Kenobi?

Wonder how Jensen is?

I'm leery of links, too, but I trust Bob. Is that going to come back and bite me?

[IRonMaN]

Based on some of the things in it, I think it should be pronounced Oh Boy.

I heard they just released a new and improved starfighter and I believe Jensen was taking some joy rides in it.