There are an estimated 1.2 million tax preparers in this country but until now, no significant monitoring system is in place to regulate their activities and maintain standards. Presently, anyone can prepare tax returns for someone else and charge a fee. Although there are provisions for tax preparers to be licensed in their respective states and be authorized to practice before the IRS, there has never been a mandatory requirement to formally regulate the tax preparation industry. For example, there is no official proficiency examination tax preparers are necessitated to sit for. Yet the tax code is highly complex (which is why engaging tax preparers is such a common practice).
In what is largely seen as a laudable move, the IRS has proposed guidelines to regulate tax preparers to ensure strict compliance with industry standards and reduce fraud.
Please see full article below for more information.
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