Tax preparers revolt over IRS regulations

http://thehill.com/policy/finance/262317-tax-preparers-revolt-over-irs-regs

Tax preparers revolt over IRS regulations


By Naomi Jagoda - 12/07/15 01:34 PM EST

The American Institute of Certified Public Accountants is urging the leaders of the House Ways and Means Committee to oppose legislation giving the Internal Revenue Service broad authority to regulate tax return preparers.

The group is looking to beat back the Tax Return Preparer Competency Act, which was introduced last week by Reps. Diane Black (R-Tenn.) and Patrick Meehan (R-Pa.). The legislation would require professional tax return preparers to submit to background checks and take examinations and continuing-education classes.

"We believe the Tax Return Preparer Competency Act allows the IRS to over-regulate professional, credentialed tax return preparers and their staff without providing adequate value to taxpayers or additional protection to the public," the AICPA said in the letter sent Friday to Ways and Means Committee Chairman Kevin Brady (R-Texas) and ranking member Sandy Levin (D-Mich.).
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While the bill from Black and Meehan intends to address “fly-by-the-night tax preparers," the legislation would require all preparers to satisfy continuing education requirements. The group said that CPAs and lawyers are already highly regulated and subject to testing and education requirements and should not be subject to duplicate requirements.
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