AICPA SUPPORTS PREPARER REGISTRATION, WITH RESERVATIONS: While the American Institute of CPAs supports the concept of tax preparer regulation, it raised some public policy and drafting concerns about the registration proposal in S. 882 (H.R. 1528), known as the Tax Administration and Good Government Act, which passed the Senate in May.
In a letter to Congress, AICPA Tax Executive Committee chair Robert A. Zarzar noted that the registration proposal is a partial response to the high error rate associated with earned income tax credit claims and consumer protection concerns with refund anticipation loans. However, the letter stated, “direct approaches will better resolve these enforcement and consumer protection issues and result in more tangible increases in compliance levels.” The AICPA also urged Congress to enact legislation that would directly attack the fraud and abuse inherent in EITC claims, and that would restrict or prohibit refund anticipation loans.
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