In February 2014, the Internal Revenue Service lost its appeal in the Loving decision. This means that the IRS needs to end its efforts to regulate about 350,000 tax return preparers who are not attorneys, CPAs or Enrolled Agents. So, no testing or continuing professional education requirement for this large group of preparers.
President Obama’s recent budget proposal supports a statutory change to let the Internal Revenue Service resume the program it rolled out in 2010 to regulate all return preparers (see FY2015 Greenbook, page 244). Other proposals exist as well.
What do you think? Should the Internal Revenue be allowed to resume its broader regulation program? Read more