Whenever new information is available on the topic of Tax Preparer Licensure, you will find it here first. NATP is dedicated to providing you with important information and developments in legislation that could impact your business.
Licensure Update - February 8, 2008The IRS Oversight Board recently requested commentary on a variety of topics, one of which was how an effective program could be created to regulate the tax preparation industry at a minimum cost. The IRS states that it has insufficient resources to develop, administer and monitor federal regulation of all tax return preparers. Although NATP was asked to provide testimony on another topic, we thought it important that we also provide commentary on this topic as well. Our paper will be considered by the board as one of its panels discusses and debates this topic on February 19, 2008. We responded to the specific considerations requested by the IRS Oversight Board: The Congress is considering new legislation that would regulate the tax preparation industry, including registration, ethics and competency testing, continuing professional education requirements, public awareness campaign, and an enforcement component. If the legislation passes, how would you recommend that a program be created that is effective, yet revenue neutral, and what impact would increased regulatory fees have upon your clients and taxpayers in general?
We have been in communication with members of the House Ways and Means Committee as well as with members of the Senate Finance Committee concerning Senate Bill 1219 and other similar legislation being considered by some legislators. At present, Congress is too preoccupied with a stimulus package bill to bolster the economy. We also know that this is a "lame duck" session for the current administration. There are some significant tax matters that Congress does want to tackle before they recess and work on the election of the President of the United States. The main focus is on fixing the AMT situation. Currently no one is talking about licensure. That can change in a moment, so we are vigilant. In our ongoing effort to keep members informed on the latest licensure updates, we will be posting our written commentary regarding IRS outreach programs and licensure here following the testimony before the IRS Oversight Board. | 
