For the 2011 tax season, the IRS has announced that it will require commercial tax return preparers to register with the agency and pass a competency exam. Commercial tax preparers will also be subject to continuing education requirements and ethics rules. IRS Commissioner Doug Shulman enthusiastically supports the idea, calling it “a game-changing event for the tax system.”
The reaction by commercial preparers has generally been positive with many noting that attorneys, CPAs and enrolled agents must demonstrate initial competency by taking an exam in order to practice and are already to continuing education requirements and ethics rules. However, some preparers claim that the increased oversight is burdensome and will drive up costs.
So, today’s Fix the Tax Code Friday question is:
Are you supportive of the IRS decision to require commercial tax preparers to o register, pass a competency exam and be subject to continuing education requirements and ethics rules? Or is it too much of a good thing?