New regulation for Maryland tax preparers?
Maryland's 2008 legislative session rolls along, and it looks like one issue on the MACPA's radar screen -- the Maryland Individual Tax Preparers Act -- might be moving toward passage.
That bill would create a "State Board of Individual Tax Preparers" in the Department of Labor, Licensing and Regulation to oversee the efforts of all state tax preparers. The bill is meant to protect the state's taxpayers.
The MACPA supports the bill in general, provided some amendments are factored in. Since CPAs are already regulated by the State Board of Public Accountancy, for instance, they should be exempt from the requirements put forth in the bill -- which makes sense. Our sister blog, Legislative Insider, outlines the MACPA's position on the bill in detail.
So does a recent Daily Record article by Andy Rosen. Here's what Rosen wrote:
At first, the bill met with concern from tax preparers who are already licensed, such as CPAs, federally regulated enrolled agents and tax attorneys.
CPAs, for instance, are regulated by the State Board of Public Accountancy.
"Our issue is, we don’t want to have CPAs in a position of being double regulated," said J. Thomas Hood III, executive director and CEO of the Maryland Association of CPAs. He said his organization could support the proposal after an exemption was carved out for CPAs, and their employees.
The association pushed for other amendments, including one that would require public education about the bill. Those amendments are contained in the Senate proposal. Hood added that he thinks the registry should cover people who prepare business as well as individual returns.
What do you think about the bill?