Paid preparers face more stringent regulations from the government.

Columbus – Ohio Treasurer Kevin L. Boyce today announced his support of new IRS regulations for paid tax preparers.  The new IRS guidelines are aimed at instituting higher professional standards for those who prepare tax returns.

 “These new guidelines are welcome news to the more than 80 percent of Americans who use a paid tax preparer to complete their yearly tax returns,” said Boyce.  “Once these provisions are in place, we will see enhanced protections for taxpayers, a higher standard of proficiency and ethics among tax preparers, and greater shared confidence in our overall tax system.”

The new regulations will require tax preparers to register with the IRS, take competency tests and enroll in ongoing professional education. They will also have to comply with ethical rules that currently apply only to attorneys, certified public accountants, and enrolled agents who represent taxpayers before the IRS.

The regulation changes will not go into effect this filing season but taxpayers will see benefits from the guidelines immediately, according to the IRS.  An outreach effort will go out to tax preparers highlighting education and enforcement.  As part of the outreach campaign, the IRS is also providing tips to taxpayers on hiring and working with a reputable preparer. 

Treasurer Boyce praised the outreach effort. “As state treasurer, part of my job is to provide innovative financial education resources, empowering Ohioans to make smart money choices,” said Boyce.  “It’s great to see that the IRS believes, as I do, that personal financial education is essential, both to building personal wealth and for the stability of our economy.”

To view the IRS’ tips on selecting reputable tax preparers visit:  http://www.irs.gov/newsroom/article/0,,id=217788,00.html



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