Banking & Credit

CFA Encourages Senate Finance Committee to Support Consumer Protections for Taxpayers, Implement Paid Preparer Standards

CFA, with a coalition of consumer, advocacy, and community groups, is calling on the U.S. Senate Finance Committee to support Senator Wyden’s efforts to give the Department of the Treasury the authority to implement strong consumer protections for consumers who use paid tax preparers. Tax returns completed by paid preparers have error rates as high as 89 percent according to the General Accounting Office, putting eligibility for the Earned Income Tax Credit (EITC) at risk. While most preparers are not subject to any minimum training or testing requirements, a recent poll found overwhelming public support for such measures.