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I may be the only one to disagree, but I think the IRS has bigger problems to deal with - like the ones addressed by Olsen every year in her review. This doesn't mean I support bad preparers or bad tax returns. None of us do, and I wish they weren't out there. Especially shifty-eyed Sam across town who will deduct anything or lie for his customers. But Sam would be most likely to be shut down by increased audit activity than regulation. The problem with regulation of any industry is the enforcers pick and choose who to scrutinize. They are quick to go after low-hanging fruit to justify their jobs, but are not so anxious to tangle with difficult violators who can effectively throw up roadblocks. In other words, they could shut me down for accidentally failing to sign a return, or a failure to observe a petty regulation in Cir 1230. But a very bad preparer in a nearby town some 30 miles away has been spewing out inaccurate returns for 30 years, but is married to a Federal Judge. Big companies support regulation and in public relations campaigns they decry bad practices in their industry. Regulators can eliminate small competitors by shutting them down, but if a regulator knocks on the door of a Fortune 500 company, they are told "Our lawyers will be in touch" and that will be the end of it. I don't expect "like" emoticons from the group, but this is where I stand.

I am with the "frog" on this one. How many of us think the IRS is going to look at HRB? JH? LIberty? They are not going after the pop ups either, cause they are gone by the time the return is reviewed. The revocation of the PTIN just gives the IRS another intimidation factor against legal preparers. Accept the audit findings or lose the ability to efile (which would shut you down). The PTIN was instituted to protect preparer's SSN. Now it will be a weapon used against us. Tom Longview, TX

cbslee - who is going to make the determination that a preparer is incompetent? How will the OPR get the referrals to investigate? How does the appeal process work? Will you be able to continue to work if accused by a RO or Agent of incompetence until a hearing is held? Our PTIN is critical to our profession. IF the IRS has unfettered ability to revoke without recourse, we lose our ability to practice. I fear that kind of control in the hands of public servants who have shown ethical lapses during my career. Remember when they went after conservative non-profits? Remember when they released wealthy taxpayer confidential information just a few months ago? Why did the Clinton administration have to pass a Taxpayer Bill of Rights to curb abuses by the IRS? I have no faith in the workers at IRS anymore. They don't have the tools or resources, are overworked, underpaid, and the last thing you want to do is give a marginally talented, stressed out government employee is a weapon to take your business away because you disagree with their findings. You may not fear them, but I would much rather see an organization outside the Treasury Department having oversite of preparers. I don't trust the IRS with that power. Tom Longview TX

I find it easier to just search and read articles about any topic than to read IRS publications, etc. I'm always hopeful when I see a Journal of Accountancy or Forbes article, because I've had good luck with them.

Apologize, ILLMAS, but Abby is correct. I didn't read deep enough into your post to ascertain that some of this money would never result in income.

i am supportive of this legislation especially since under current law the Treasury Department has to go to court and obtain a conviction in order to shut down a fraudulent preparer. However this will not halt the preparation of bad returns. My state of Oregon requires the Licensing of all Tax Preparers plus 30 hours of CPE every year. This law applies to every preparer except CPAs and Attorneys. Earlier this year I picked a new business client (Monthly Write Up, Payroll & Tax Returns). The prior preparer has been licensed since 1991, has a bigger office than mine with licensed preparers working for her. My client's 2019 1120S and 1040 were poorly prepared with a number of mistakes showing a real lack of tax knowledge. Just because you are licensed doesn't mean you are competent.