Stronger Taxpayer Protection: Regulating Preparers and Refund Anticipation Loans.
This Act enhances consumer protection by granting the IRS authority to license, certify, and penalize tax return preparers for incompetence or fraud. Crucially, it mandates clear disclosure of all fees and risks associated with "Refund Anticipation Payment Arrangements" (RAPA). This ensures citizens can make informed financial decisions and avoid being misled into costly short-term loans.
Key points
IRS gains power to license and certify tax preparers, ensuring they meet standards of competency and good character.
Mandatory disclosure of all preparation fees and the full cost/risk of refund anticipation loans (RAPA).
Preparers must inform clients that RAPA is optional and provide information on standard IRS refund times.
Penalties up to $1,000 for preparers who fail to provide required financial disclosures to clients.
Status:
Expired
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