In his 2018 budget, President Donald Trump has decided to keep an Obama era proposal to authorize the IRS to regulate all paid tax return preparers.
“Incompetent and dishonest tax return preparers increase collection costs, reduce revenues, disadvantage taxpayers by potentially subjecting them to penalties and interest as a result of incorrect returns, and undermine confidence in the tax system,” the budget states. It’s been estimated that the proposal will increase revenue by $259 million in the years 2018–2027.
The American Institute of Certified Public Accountant (AICPA) has been a supporter of the goals of enhancing compliance and elevating ethical conduct. “Ensuring that tax preparers are competent and ethical is critical to maintaining taxpayer confidence in our tax system,” they said, as reported in the Journal of Accountancy.
“For these reasons, the AICPA believes that a focused and targeted approach to the regulation of tax return preparers, with congressional oversight, will help to promote good tax administration and protect the interests of the American taxpayer; and looks forward to working with policymakers as this proposal develops,” they concluded.
At Waterman Realty and Tax Pro, our goal is to make sure your returns are fully compliant and where possible, maximize your refund. We do this by maintaining the highest possible professional standards. Why settle for anything less? Contact us today.