IRS to Regulate Tax Preparers

2 years ago

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The Internal Revenue Service said it will start regulating tax preparation companies for the first time.

Tax preparers will have to register with the federal government and company employees will have to pass competency tests and stay up to date on tax laws by taking 15 hours of classes every year, the IRS announced Monday.

The rules affect employees of national firms such as H&R Block as well as independent tax preparers. Until now these firms had little or no oversight, the Associated Press reported. Certified public accountants are already subject to professional standards and aren't covered by the new rules.

Taxpayers will eventually be able to check the credentials of preparers on a public IRS database.

"We think this is incredibly important to the entire tax system that when people pay good money for a tax return preparer, they don't get bad advice," IRS Commissioner Doug Shulman said.

The regulations will not be in effect for the 2010 tax filing season.

Filed Under: Taxes

Tagged: Internal Revenue Service, InternalRevenueService, taxes

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