Take note, Regulation is Coming
The cornerstone of the new system will be a registration requirement. Preparers would pay an initial sign-up fee, and then renew their registration periodically. The Revenue Service will have to decide whether to apply the requirement broadly so it covers all types of tax pros including those who already answer to states or the IRS, such as lawyers, CPAs and enrolled agents. One hamper on this plan may be budget contraints that would force the IRS to give in to the calls from the already regulated preparers that they be exempted.
There are also small odds that the IRS will impose an up-front entrance exame requiring preparers to pass a test before they're allowed to register with them. What is more likely to happen is that a testing requirement would be phased in over several years plus required continuing education. This would most likely be required just for unregulated preparers.
People who prepare a small number of returns for pay would also be exempt from mandatory testing and registration. The IRS is likely to limit this exemption to preparers of no more than ten returns or volunteer preparers.
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