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Tax Preparer Registration Bill

Senators Jeff Bingaman (D-NM), Charles Grassley (R-IA), and Max Baucus (D-MT) renewed congressional interest in the regulation of federal tax return preparers this year with the introduction of S. 832. Other sponsors were Senators Daniel Akaka (D-HI), Charles Schumer (D-NY) and Mark Pryor (D-AR). This bill should be taken seriously because Senator Grassley is the chairman of the powerful Senate Committee on Finance, which has jurisdiction over the bill, and Senator Baucus is the ranking member, or top Democrat, on the Committee. S. 832 replaced an earlier version of the regulation provision that appeared last year in HR 1528. HR 1528 was never acted on by Congress and died with the end of the 108th Congress.

Overview of S. 832

The bill instructs the Secretary of the Treasury to develop within one year after the date of enactment regulations that will "regulate those compensated preparers not otherwise regulated under section 330 of title 31, United States Code." Title 31 section 330 is the provision that gives the Treasury the power to regulate individuals who practice before the IRS--Enrolled Agents, Certified Public Accountants and attorneys--and is the...

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