Maryland CASH (Creating Assets, Savings and Hope) Campaign
MARYLAND CASH CAMPAIGN AND OTHER ORGANIZATIONS FROM ACROSS THE NATION ADOPT SET OF PRINCIPLES DESIGNED TO REFORM THE TAX PREPARER INDUSTRY
Four principles intended to protect American Taxpayers
Washington, DC - In a letter to Commissioner Douglas Shulman of the Internal Revenue Service (IRS), the Maryland CASH (Creating Assets, Savings and Hope) Campaign and a diverse group representing tax return preparers and taxpayers has come together in support of a set of principles for reforming the paid tax preparer industry. The signatories also represent AARP, the National Association of Enrolled Agents, the National Community Tax Coalition, Padgett Business Services, and Policy Matters Ohio.
The letter states that the four principles will advance the core objective of protecting the American taxpayer. The principles are as follows:
Principle 1: Testing and Education - Paid tax return preparers should demonstrate initial competency through IRS-administered testing and maintain their knowledge by fulfilling annual continuing education (CE) requirements. Attorneys, certified public accountants and enrolled agents would continue to comply with existing regulations.
Principle 2: Strong Ethical Standards - IRS should establish and enforce uniform standards of behavior for all paid tax preparers.
Principle 3: Enforcement and Resources - Enforcement of the new requirements should be centralized under the Office of Professional Responsibility (OPR) and OPR should be allowed to collect and retain licensee fees to cover the cost of administration and enforcement.
Principle 4: Public Promotion of Licensed Tax Preparers - IRS should implement a robust public outreach program to educate both consumers and tax preparers. The program should focus on the need for using only IRS-regulated tax preparers and the requirement that all paid tax preparers sign the return and include a valid licensing number.
The group plans to work with the Internal Revenue Service and Congress to ensure that these principles are part of any future reforms.
"Since the tax return is such an important financial document, both to taxpayers and government, we need to make sure that they are completed accurately," says Robin McKinney, Director of the Maryland CASH Campaign. "Regulating tax preparers protects the taxpayer and the federal government by providing greater accountability."
Maryland CASH (Creating Assets, Savings and Hope) Campaign is a network of organizations from across Maryland that seeks to improve the financial stability of working families. The Maryland CASH Campaign advocates on behalf of low-and moderate-income taxpayers throughout the state, as well as providing financial education programs and free tax preparation sites. In 2009, these sites collectively served almost 17,000 low-income Marylanders through free tax preparation, saving them over $1.2 million in tax prep fees and helping them claim over $35 million in state and federal refunds. In partnership with Consumer Credit Counseling Service of Maryland and Delaware, Inc. and the Baltimore CASH Campaign, Maryland CASH created the Maryland Money Helpline (877-254-1097), a free financial service where callers may speak with a certified, nonprofit financial counselor about debt, credit, budgeting, job loss and more. For more information, contact Ms. Robin McKinney, Director of the Maryland CASH Campaign, at robin@mdcash.org or 410-528-8006. www.mdcash.org
For more media information contact
Gayle V. Economos
GVE Media/Public Relations,
LLC410-437-7483 GrkAthena@aol.com
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