Why are tax professionals not regulated?

Posted 4/2/2018

Craig W. Smalley, MST, EA, notes that while the State of Florida, the Department of Business and Professional Responsibility licenses professions such as barbers and beauticians, tax preparers go unlicensed, and do not even have to take a test to prove basic competency when it comes to how the tax system works. He cites an example of one tax professional who was caught pumping up earned income to take advantage of the Earned Income Tax Credit, as well as faking college expenses in order to take advantage of the refundable American Opportunity Tax Credit. CPAs, and enrolled agents, have demonstrated their knowledge, and are required to take continuing education, so why not require the same of all tax professionals, wonders Smalley.

CPA Practice Advisor