Thursday, July 30, 2009

Regulation of unlicensed tax return preparers is moving closer to reality.

The IRS is establishing a task force to review problems with preparers and offer options by year-end. Among the likely recommendations: Registration of any preparers who aren’t CPAs, Lawyers, or enrolled agents. Minimum education and training requirements. Tougher IRS punishment of misconduct by preparers. If IRS needs authority to implement its plans, the commissioner will push Congress to give it to her so the agency can get going. IRS officials won’t need much time. They’ve studied Oregon’s program, which is seen as a model for preparer regulation.

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