Government

AICPA issues support of tax preparer regulation legislation

The bill, if passed, will give the Treasury authority to regulate paid tax return preparers and the IRS the power to revoke a fraudulent preparer's Tax Identification Number

The American Institute of CPAs (AICPA) has issued its strong support for the regulation of paid tax return preparers within the proposed Taxpayer Protection and Preparer Proficiency Act.

The bill, which was sponsored by representatives Jimmy Panetta (D-CA) and Tom Rice (R-SC), was introduced last week with strong bipartisan and external support.

Among the measures included in the bill are giving the Treasury the authority to regulate paid tax return preparers and allowing the Internal Revenue Service (IRS) to revoke a an incompetent or fraudulent preparer’s Tax Identification Number.

Edward Karl, AICPA’s vice president of taxation, said: “The AICPA is pleased to endorse this bill and we appreciate Representatives Panetta and Rice for working together to introduce this important legislation.

“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.”

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