IRAtv: Can IRS Regulate Persons Who Prepare Tax Returns for a Fee?
By Jeffery Levine, IRA Technical Expert
Follow Me on Twitter: @IRAGuru4EdSlott
A Washington, D.C. district court handed down a ruling that affects all of us as the 2012 tax season gets underway. The court ruled in Loving et al vs. IRS that the Internal Revenue Service did NOT have the authority to regulate persons who prepare or help prepare tax returns for a fee. They couldn't order these individuals to pass a test or maintain a minimum required level of competency.
Ed Slott and Company IRA Technical Consultant Jeffrey Levine details the court decision (IRS had been allowed to regulate these individuals since 2011) and what it means for taxpayers and tax prepares in the video below.