According to the IRS, more than 80 percent of taxpayers either use a paid preparer or third-party software solution to complete their individual tax return. Professionals in the industry like CPAs, Enrolled Agents and Attorneys who prepare returns are presently subject to IRS oversight. The rest of the tax preparer community is not. That’s right... under current law, many tax preparers do not have any accountability to the IRS!
Until now, the two states of
As a Franchise Owner, I am thrilled with the prospect of assessing the competency and ethical standards of those working among us. I believe that tax preparer registration will quickly weed out the most incompetent preparers as well as many of those who knowingly file fraudulent returns. A testing process would be cumbersome but would also be crucial to ensuring that tax preparers understand the high ethical standards to which they are accountable. Lastly, I feel that continuing education will be the most important way to make sure that preparers are up-to-date on recent tax law changes and compliance issues. I believe a minimum requirement for hours of ongoing education should be required annually for anyone registered under the new system.
In a series of three public forums, The IRS has been working to seek comments from the tax preparer community as well as the general public on this issue. The final forum was held
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.