Congressman Cohen Re-Introduces Tax Return Preparer Accountability Act
IRS would regulate service providers with minimum competency standards
WASHINGTON – Congressman Steve Cohen (TN-9) today re-introduced the Tax Return Preparer Accountability Act to provide the Internal Revenue Service with the explicit authority to regulate tax preparation services by enacting training and integrity requirements.
Congressman Cohen made the following statement:
“Most tax preparers are honest and trustworthy but, unfortunately, we’ve all heard or read about unscrupulous tax preparers who take advantage of customers or assist clients in claiming deductions to which they are not entitled. To guarantee that taxpayers get the quality service they deserve, the Tax Return Preparer Accountability Act will permit the IRS to establish minimum standards for accuracy and fairness.”
The bill would also:
Direct the IRS to implement an automated formula to identify taxpayers at risk of economic hardship;
Authorize the IRS to establish minimum competency standards for federal tax return preparers and revoke the identification number of sanctioned preparers; and
Recommend tax software changes, including requiring all tax software providers to adhere to prescribed information security controls and regular updates of security standards for tax software providers.
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