The nation's three largest tax store chains, H&R Block, Jackson Hewitt and Liberty Tax, and the American Institute of CPAs all welcomed the proposed regulation of paid preparers by the Internal Revenue Service. Those proposals, which exempt CPAs, Enrolled Agents and attorneys from some major requirements, were released this week by the IRS.

WASHINGTON  D.C. - The Internal Revenue Service has proposed major regulations of the tax preparation business, but would exempt  attorneys, CPAs and Enrolled Agents from competency tests and new continuing education requirements. However, all paid preparers would be required to register with the IRS and receive a preparer tax identification number and be subject to a limited tax compliance check. The requirements do not take effect this year and would be rolled out over several years. Read more...

The refund loan business remained in a state of rapid change over the holiday as Republic Bank and Trust, which is moving to take over bank products, said it was requested by the Federal Deposit Insurance Corp. to have a February meeting about the future of its RAL business. Republic is moving to take over part of the business that has been dropped after Santa Barbara Bank & Trust was forced out by regulators.