Bank finance articles and tips

Tax Preparers are seeing significant changes in their requirements for the coming tax season and for the future of the industry as a whole. The past year and a half has brought about considerable regulation into the tax preparation industry. Most notably has been the recent requirements relating to obtaining and maintaining a Preparers Tax Identification Number, better known as a PTIN. In past tax seasons the IRS did not have a standardized tracking system in place to determine who is actually preparing tax returns and a disciplinary policy that allowed for adverse action to be taken against preparers who continually file fraudulent returns and abuse the e-file system. That has all been changed, and this year if becomes official....

The field of tax preparers is likely to become less populated as the IRS implements tax preparer certification. However, there are still differences in experience, aptitude, and specialty among tax preparers. Therefore, everyone possesses distinctive criteria in selecting a tax preparer to meet specific needs.

Most people will still locate a tax preparer by asking friends and associates. However, the public needs to understand the different qualities represented among types of tax practitioners.