Bill Introduced To Regulate Tax Preparers
In the waning hours before turning control of the Senate Finance Committee to the new Republican leadership, Sen Ron Wyden (D-OR) re-introduced his bill to regulate tax preparers. Co-signing the bill is Sen Ben Cardin (D-MD).
The new bill is identical to last year’s proposed legislation, which did not garner enough support to get out of committee. So far, incoming Finance Committee Chairman Orrin Hatch (R-UT) has not indicated support for the bill.
The bill looks to provide statutory authority to the Internal Revenue Service to regulate tax preparers. The IRS attempted to institute such a regulatory program two years ago, but were stymied when a federal court ruled that Congress had not given the agency the authority to do so.
It is difficult to determine how much support the bill will have in the new Republican Congress, particularly given the number of priority issues Congress must take up this year.
Source: Senate Finance Committee at http://www.finance.senate.gov/imo/media/doc/The%20Taxpayer%20Protection%20and%20Preparer%20Proficiency%20Act%20of%202015.pdf