IRS Announces New Rules for Regulating Tax Preparers

Post below was written by Chuck McCabe, President and CEO of Peoples Income Tax, Inc.

The IRS has announced new rules to regulate tax preparers.  There will be two tests, one for preparers of individual returns and one for preparers of individual and business returns. I expect the testing will be outsourced, as is the EA exam. IRS says it is sensitive to the ability of lower volume tax preparers to pay and will keep fees affordable. I think this is going to be great for reputable independent tax preparers and firms. The elimination of incompetent and unethical tax preparers should enable reputable preparers to increase market share. We will also be in a better position to compete with high-priced CPA firms because we will now also have designations as IRS-authorized preparers. This is a good development.

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