Pending Legislation for Paid Tax Preparers Will Leave Big Opportunities for new Businesses!

There’s no doubt you’ve heard about potential legislation regarding the registration or licensing of all paid tax preparers. For 5 years now various attempts have been made to better monitor this industry and decrease the number of fraudulent and erroneous returns.

While changes have yet to be instituted, recent activity at the IRS and in a handful of states indicates that it won’t be long before we see legislation that will impact the majority of paid tax preparers.

California and Oregon were the first states to institute programs designed to register and track tax preparers. Recently, Maryland and New York joined their ranks by enacting legislation that will require the registration of tax preparers in 2010. These measures further indicate that it’s not just a matter of if the IRS will require professional tax preparer registration, but when.

Since being appointed last year, IRS Commissioner Doug Shulman has been tasked by the presidency with creating a program that will provide federal oversight for over 1 million tax preparers. The purpose of such a program is to give the IRS the authority to police the industry against unprepared or unethical tax preparers while also ensuring tax preparer competency. His deadline is the end of this year.

While no one can anticipate exactly what this program will entail, you can expect to see significant changes in the tax industry. Allen Bostrom, President and CEO of Universal Accounting Center has studied the current state programs and followed several IRS panels in order to stay abreast of these change. Some of the recommendations that were discussed were:

*Mandatory registration of and annual education for all paid tax preparers.

*Evaluate the Competency and Ethics of Various Preparer Groups

Regardless of what may be in store for the tax industry, you can ensure your mastery of current tax law and maintain your competitive advantage by receiving continual tax training throughout your career.

Universal Accounting Center’s (UAC) Professional Tax Preparer program is designed to teach you everything you need to know about filing individual and business returns. In addition, the Professional Tax Preparer program meets the stringent requirements of the California Tax Education Council (CTEC) and the state of Oregon’s which requires the registration of all paid tax preparers. In order to register as a tax preparer in California or Oregon, you must complete CTEC-approved or Oregon-approved education.

The Professional Tax Preparer Program is CTEC and Oregon approved and is the only program to award Professional Tax Preparer certification.

Don’t be left behind with these changes. Many people will not be prepared for these changes and will leave great needs for new businesses and Tax Prepares to start in the business. You can prepare for this imminent legislation by enrolling today.