The IRS is starting the New Year out with a bang, with an announcement on Monday that they plan to roll out a series of new regulations on tax preparers. These changes will benefit taxpayers, as they IRS will begin targeting offices with high rates of erroneous returns. The Sac Bee posted a good article about how these changes will affect the tax preparation industry; you can find a clip of their story below.
With millions of Americans turning to paid tax preparers each year, the IRS marked the launch of the 2010 tax season Monday by announcing sweeping changes in how tax preparers conduct their business.
Among the new requirements: tax preparers must register with the IRS, undergo tax competency exams and annual education classes.
"Tax return preparers help Americans with one of their biggest financial transactions each year. It's vital we ensure all tax preparers are ethical," said IRS Commissioner Doug Shulman in a conference call with reporters.
Calling the new requirements a "monumental shift" in IRS tax strategy, Shulman said they're designed to protect consumers, alleviate fraud and bring in more tax revenue.