CPAs Push Back on Proposed Regulation

The American Institute of Certified Public Accountants is urging leaders of the House Ways and Means Committee to oppose legislation giving the IRS broad authority to regulate tax return preparers, The Hill reported.

The group wants to beat back the Tax Return Preparer Competency Act, which would require professional tax return preparers to submit to background checks and take tests and classes.

The AICPA said the act "allows the IRS to over-regulate professional, credentialed tax return preparers and their staff without providing adequate value to taxpayers or additional protection to the public."

While the bill intends to address “fly-by-the-night tax preparers," it would require all preparers to satisfy continuing education requirements.

The group said that CPAs and lawyers are already highly regulated and that Congress instead should mandate the IRS enact a testing and education program that applies exclusively to preparers who are not licensed by states. S