Tax time is often referred to as the “golden moment” for asset building and financial management due to the substantial infusion of resources many households receive in the form of tax refunds. For the tax preparation process to fulfill its potential as a delivery system for asset building resources, there need to be adequate protections in place to ensure its integrity. Yet, there is very little regulation and standardization in the tax preparation industry. Only a handful of states provide oversight for storefront paid tax preparers, and the federal government recently issued regulations requiring testing, registration, and continuing education, only to find them nullified following a court challenge and appeal.
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