Regulating the Tax Preparer Industry on the HorizonIt's surprising to me how people will patronize tax preparation offices without asking even basic questions of the preparer. Just because you recognize the name of the business (due to very effective marketing) doesn't mean the preparer sitting across the desk from you has a long experience with completing returns for customers.
Starting with the 2010 tax year, paid tax preparers (excluding CPAs, Licensed Attorneys and enrolled agents) will be required to take a competency test and take continuing education hours. Personally, I think that's wonderful. Those people excluded (CPA, Licensed Attorney, Enrolled Agent) already must pass tests and maintain CPE (continuing professional education) hours.
The paid preparers will have three years to complete the testing beginning with 2010.
It will be interesting to see the effect it will have on the tax preparation industry. I wouldn't be surprised to see preparation fees increase from those who now will be facing regulation requirements. I personally appreciate the leveling of the tax preparation field.
For me, I wonder what took so long.
I am a CPA in San Antonio and serve individuals and small businesses in San Antonio and surrounding areas. We offer bookkeeping, payroll, taxes and more. Give me a call for a free initial visit. We look forward to serving you.
Richard J. Garcia | 07/10/2010