Taxfyle Urges Tax Filers to Have Taxes Prepared By Licensed Accountants Amid IRS Proposed Key Changes to Circular 230 Regulations

MIAMI, Jan. 21, 2025 /PRNewswire/ -- The IRS has proposed updates to Circular 230 regulations to enhance ethical standards, accountability, and professionalism among tax practitioners and appraisers. These updates aim to protect taxpayers and emphasize the importance of working with licensed CPAs and IRS Enrolled Agents (EAs), like those on Taxfyle's platform, for tax preparation and filing.

The proposed changes reinforce the critical role of licensed professionals who are well-versed in complex tax laws and held to stringent ethical standards. Working with licensed CPAs or EAs ensures accurate filings, compliance with IRS requirements, and protection against costly penalties caused by errors or misconduct.

"For us, customer trust is paramount, and that starts with working only with licensed accountants who adhere to the highest standards of practice," AJ de Zayas, Director of Pro Relations at Taxfyle, said. "A valid CPA or IRS EA license demonstrates a commitment to ongoing education and ethical responsibility—two qualities that benefit every customer."

Unlicensed practitioners pose significant risks, from incorrect filings to steep penalties. By choosing a licensed CPA or EA, taxpayers safeguard their finances and gain peace of mind knowing their filings are handled with integrity.

With Taxfyle, customers are guaranteed their taxes are filed by a licensed CPA or EA. Before the accountants access the Taxfyle platform, the Pro Support team ensures the active status of their credentials. Additionally, each Pro is required to submit an up-to-date Preparer Tax Identification Number (PTIN) before they can file returns each tax season.

The proposed regulations address several key areas, including disreputable conduct, appraiser standards, and the IRS's oversight authority. For tax practitioners, the updates aim to reinforce ethical behavior and enable swift action against misconduct.

The changes include stricter standards for appraisers involved in IRS proceedings, requiring adherence to frameworks like the Uniform Standards of Professional Appraisal Practice (USPAP) or International Valuation Standards (IVS). This ensures greater appraisal integrity and minimizes valuation misstatements, protecting taxpayers from serious consequences.

For taxpayers, the message is clear: partnering with licensed professionals ensures accurate filings, avoids costly errors, and maintains compliance with evolving IRS regulations.

About Taxfyle
Since 2015, Taxfyle has revolutionized professional accounting services with its user-friendly platform and innovative solutions. From tax preparation to bookkeeping, Taxfyle continues to lead the industry with its commitment to modernizing an overburdened sector. Visit Taxfyle's website at taxfyle.com.

SOURCE Taxfyle