The AICPA welcomed the Biden administration’s recent request for congressional legislation to give the IRS the authority to regulate paid tax preparers who are currently unregulated.
The Biden proposal, included in the recently released American Families Plan, requests Congress pass legislation that authorizes the IRS to regulate this group of paid tax preparers, noting high error rates and large fees while also exposing clients to costly audits.
In a May 11 letter to congressional tax leaders, AICPA leaders applauded the administration’s proposal and stressed the importance of ensuring tax preparers are competent and ethical. In the letter, the AICPA highlighted six key areas of paid tax preparer regulation.