Naomi Jagoda of The Hill writes about lobbying efforts on the behalf of the American Institute of Certified Public Accountants to prevent lawmakers from passing the Tax Return Preparer Competency Act. The new law would impose stricter regulations on professional tax return preparers, requiring them to receive background checks as well as continuing education. The article begins as follows:

The American Institute of Certified Public Accountants is urging the leaders of the House Ways and Means Committee to oppose legislation giving the Internal Revenue Service broad authority to regulate tax return preparers.

The group is looking to beat back the Tax Return Preparer Competency Act, which was introduced last week by Reps. Diane Black (R-Tenn.) and Patrick Meehan (R-Pa.). The legislation would require professional tax return preparers to submit to background checks and take examinations and continuing-education classes.

“We believe the Tax Return Preparer Competency Act allows the IRS to over-regulate professional, credentialed tax return preparers and their staff without providing adequate value to taxpayers or additional protection to the public,” the AICPA said in the letter sent Friday to Ways and Means Committee Chairman Kevin Brady (R-Texas) and ranking member Sandy Levin (D-Mich.).

Click here to read the full article.

Posted by Logan Davis, Associate Editor, Wealth Strategies Journal.