IRS regulates tax preparers

Beginning in 2011 the IRS will require all tax preparers to take pass an examination.  These requirement will exclude certified public accountants, attorneys, and enrolled agents.  California and Oregon are the two states that I'm currently aware that have already imposed this requirements in previous years.  First, all preparers will be required to register with the IRS and receive a PTIN which is a preparer tax identification number.  The preparers will then choose between taken an individual 1040 or business 1040 examination.  Furthermore, the preparers will be required to obtain a certain number of continuing education credits.

Although, as a tax preparers that does not fall within the excluded groups, I welcome the support the new rules.  However,  I am interested in seeing how all of this play out especially considering the number of tax preparers hired by the national tax chains like Jackson Hewitt and H & R Block.  My speculation is that the pool of "qualified" tax preparers is going to be greatly decreased thereby causing a great increase in the cost of tax preparation. 

My question of the new rules is does it include someone that just might enter basic data but does not actually prepare the return.

 

What did you think of this article?




Trackbacks
  • No trackbacks exist for this entry.
Comments
  • No comments exist for this entry.
Leave a comment

Submitted comments will be subject to moderation before being displayed.

 Enter the above security code (required)

 Name

 Email (will not be published)

 Website

Your comment is 0 characters limited to 3000 characters.