The professional tax preparation market needs regulation because of the errors being made by a significant proportion of those preparing taxes, according to representatives from state and federal bodies in a panel discussion at this week's IRS Public Forum on Tax Return Preparer Review.

"Unqualified or unethical tax return preparers can cause enormous damage to the Federal tax system, to taxpayers and to the tax preparer community as a whole," was the prepared statement of Michael Mckenney, assistant inspector general for audit  and
treasury inspector general for tax administration.