This bill establishes minimum standards for tax return preparers and gives the Treasury Department authority to regulate them. Tax preparers would be required to obtain an identifying number, pass an examination, complete annual continuing education, and undergo a background check to demonstrate competency. The bill reinstates the Registered Tax Return Preparer Program, which was previously discontinued, with a one-time basic income tax exam and no more than 15 hours of annual education required. Preparers who work under the supervision of attorneys, certified public accountants, or enrolled agents may be exempt from these requirements if their employers already meet comparable standards. The bill also authorizes the Treasury Department to revoke a preparer's identifying number if they are found to be incompetent or disreputable, and it requires the Government Accountability Office to study and report within 18 months on how information about tax preparers could be better shared between federal and state authorities to enforce standards.
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