The IRS is out to do something nice for us by ensuring we get quality help when we hire someone to prepare our tax returns. Unfortunately, parts of this laudable effort may be too much of a good thing. By going too far, too fast with more regulation than necessary, the IRS will add needless burden and expense. The agency's goals could be achieved more cheaply and efficiently without stretching its enforcement resources so thin.
Proposed IRS rules would properly address a regulatory gap by requiring all paid tax-return preparers to register for a "preparer tax identification number" (PTIN). This will enable the agency to track their work and find them when problems are uncovered. To see who will now be covered under the extended coverage please see the op/ed at WSJ.
Posted by Chait Kamireddy, Associate Editor, Wealth Strategies Journal.
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