IRS introduces proposal to regulate paid tax preparers

The IRS has announced its plans to regulate paid tax return preparers in an effort to improve compliance and enhance ethical conduct. The proposal recommendations, which would be phased in beginning in the 2011 filing season, include mandatory registration of paid tax return preparers as well as competency testing and CPE requirements. CPAs, attorneys and enrolled agents would be exempt from the education and entry-testing requirements. Click here for information on the AICPA's advocacy efforts regarding the IRS's plan, click here.