Tax Return Preparer Accountability Act of 2014

Bill: 113-hr-4470
Sponsor: full_name: Rep. Cohen, Steve [D-TN-9]
Introduced: 2014-04-10
Policy area: Taxation
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Department of the Treasury

Licensing and registrations

Tax administration and collection, taxpayers
Latest action: action_date: 2014-04-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-04-10
action_desc: Introduced in House
text: <p>Tax Return Preparer Accountability Act of 2014 -&nbsp;Amends the Internal Revenue Code to require the Secretary of the Treasury to regulate tax return preparers who are not otherwise subject to regulation. Authorizes the Secretary to impose a $1,000 penalty for each federal tax return or other document prepared by a tax return preparer during a period in which&nbsp;such preparer: (1) is not in compliance with applicable Treasury regulations, or (2) is suspended or disbarred from acting as a tax return preparer under such regulations. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4470 IN THE HOUSE OF REPRESENTATIVES April 10, 2014 Mr. Cohen (for himself and Mr. Scott of Virginia ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title 31, United States Code, to direct the Secretary of the Treasury to regulate tax return preparers.

1. Short title This Act may be cited as the Tax Return Preparer Accountability Act of 2014 . 2. Regulation of tax return preparers who are not representatives practicing before the Department of the Treasury (a) In general Subchapter II of chapter 3 of title 31, United States Code, is amended by inserting after section 330 the following new section: 330A. Tax return preparers who are not representatives practicing before the Department of the Treasury (a) The Secretary of the Treasury shall, under regulations prescribed by the Secretary, regulate any tax return preparers who are not regulated by the Secretary under section 330. (b) (1) The Secretary may impose a penalty of $1,000 for each Federal tax return, document, or other submission prepared by a tax return preparer during a period in which the tax return preparer— (A) is not in compliance with the regulations promulgated under this section, or (B) is suspended or disbarred from acting as a tax return preparer under such regulations. Any penalty imposed under the preceding sentence shall be in addition to any other penalty which may be imposed. (2) No penalty may be imposed under paragraph (1) with respect to any failure if it is shown that such failure is due to reasonable cause. (c) For purposes of this section: (1) The term tax return preparer has the meaning given by section 7701(a)(36) of the Internal Revenue Code of 1986. (2) The terms Secretary of the Treasury and Secretary mean the Secretary of the Treasury or the delegate of the Secretary. . (b) Clerical amendment The table of sections for subchapter II of chapter 3 of title 31, United States Code, is amended by inserting after the item relating to section 330 the following new item: 330A. Tax return preparers who are not representatives practicing before the Department of the Treasury. . (c) Effective date The amendments made by this section shall apply with respect to returns prepared for taxable years ending after the date of the enactment of this Act.