The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight. Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations. Those who agree with the IRS (like the agency's National Taxpayer Advocate) argue that regulating tax pros is necessary in order to protect taxpaying clients. It also, they contend, would lead to more accurate tax returns and ensure a fairer and more efficient tax system Opponents of such regulation, however, fire back that, among other things, that the market already takes care of bad tax preparers. Federal and state authorities have done a good job catching dishonest preparers, they say. Plus, regulation doesn't automatically guarantee a tax professional's competence or ethics. Handful of state preparer regs: Meanwhile, as the tax pro regulation debate rages on at the federal level, some states have stepped in to overs the tax pros who operate within their jurisdictions. Four states — California, Maryland, New York and Oregon — were at the forefront of tax preparer regulation. For years these states have been requiring their tax professionals to be licensed. Slowly, and with varying degrees of oversight, other states have also boarded the tax preparer regulatory train. The latest to require some extra steps of tax pros are Connecticut, Illinois and Nevada. (If I've missed any, I fully expect to hear from you dear readers so that I can add them to this post.) Here's a look at the regulations these seven states impose upon paid tax preparers.
In addition, 20 states have regulations for tax preparers who offer tax refund-related products, such as refund anticipation loans (RALs) or refund anticipation checks (RACs). Essentially, these states require these tax professionals to register and/or provide clients with disclosures about the full costs of the loans. You also might find these items of interest:
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