The American Institute of Chartered Professional Accountants (AICPA) has issued its support behind pax preparer regulation.
As part of their campaigning, the professional association supports the American Families Plan (AFP), which includes a proposal to provide the Department of the Treasury with undefined authority to regulate paid tax return preparers.
AICPA recommends limiting the IRS’s authority to require a PTIN and authorizing the IRS’ revocation of PTINs are crucial factors, which must be included in a plan to regulate tax preparers.
In a letter to the Senate Finance Committee chairman, AICPA, said: “Ensuring that tax preparers are competent and ethical, and that the IRS has the tools it needs to conduct appropriate oversight, is critical to maintaining taxpayer confidence in our tax system and protecting the interests of the American taxpayer,” the AICPA said in the letter.
“We appreciate the need to address incompetent and unscrupulous tax return preparers. Taxpayers need and deserve enhanced compliance and elevated ethical conduct from their preparers.”
It added: “The protections in the Wyden bill, with the two additional key elements described above, would accomplish those goals.”