December 27, 2012

A real-world example of IRS regulation hurting small businesses!

TNTax Business Services, Inc.

As December 31, 2012, approach many small business colleagues have mentioned they no longer wish to prepare tax returns. This is because the IRS took it upon themselves to create new rules and a new certification  path that paid tax preparers must abide by. These new requirements will increase the cost of being a tax preparer; driving away many small business owners that will simply choose not to provide this service anymore. Meanwhile CPA’s and Lawyers will not have any testing requirements (never-mind the fact that neither category is necessarily a tax expert.)

The IRS is also looking into background checks and finger-printing of tax preparers. These new rules are being done in part to reduce fraudulent tax preparers. Yet this approach failed to take into account that certifications for tax preparation already existed. It also fails to take into account that fraudulent preparers simply won’t follow the new rules. All it does is…

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