Releases

Beginning next year, the Internal Revenue Service plans to regulate paid tax preparers by requiring them to register with the government, pass competency tests and commit to a code of ethics. The agency's stated goal is to reduce the chance of errors and fraud by tax preparers, and provide an increased assurance of proper advice in preparing returns. "This represents a major expansion of the IRS role as a regulator of tax preparers," says Emily Parker of Thompson & Knight, a former IRS Acting Chief Counsel and Deputy Chief Counsel. "But there are also significant challenges due to the large number of preparers and the limited resources the IRS inherently has to enforce such regulations." It's estimated that as many as 1.4 million people work as paid tax preparers, and most are unregulated. To interview Ms. Parker, contact Barry Pound at 800-559-4534 or barry@androvett.com.