IRS News - Potential Regulation of Tax Preparers

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

I think IRS nationwide regulation of tax preparers should be positive for qualified tax professionals, and is long overdue. Concerns might include the cost of regulation, which IRS may want to pass on to preparers through fees. However, we should be adequately represented to address such concerns by tax professional associations such as NATP, NSA and NSTP. IRS regulation should help to eliminate “fly-by-night” tax preparers who are not qualified to prepare tax returns accurately and professionally. These preparers have been taking market share from qualified tax preparers, while not incurring the same costs. Regulation should create a standard for tax preparer qualifications and help to level the playing field.

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