Showing posts with label New Regulations. Show all posts
Showing posts with label New Regulations. Show all posts

Monday, March 3, 2014

Governor Cuomo Announces New Regulations to Protect Consumers Who Hire Tax Preparers

Warns New Yorkers to use caution when selecting a preparer
File a complaint about an unethical tax preparer by calling 518-530-HELP
Albany, New York - Governor Andrew M. Cuomo today announced historic new regulations that will better protect New York consumers who hire a tax preparer. The regulations make New York one of only four states that regulate the tax preparer industry.

The comprehensive rules - covering 40,000 paid tax preparers throughout the state - will reduce errors and omissions on tax returns, reduce fraud and increase the level of competence and ethics among preparers.

"With 70% of New York taxpayers depending on a tax preparer to file their taxes, we need to ensure clear standards exist to prevent fraud and protect consumers,” Governor Cuomo said. “These new regulations will better protect New Yorkers who use tax preparers by requiring minimum qualifications and professional practices within the industry. In addition to these changes, I urge those putting their trust in a preparer to also do their homework: check the internet, get a referral, and make sure the person you hire is legally registered with the State Tax Department.”

Preparer scams to avoid

Governor Cuomo warned New Yorkers to be on guard for unethical actions by tax preparers, such as:
Advertising or promising in-person to do an income tax return for a low price, but then billing the client for a much higher fee, arguing the return was more complicated than originally anticipated.
Convincing a client to have their refund deposited into the preparer’s account instead of the client’s, and then the preparer covertly steals a portion of the refund.