The Institute for Justice lawsuit has drawn much-deserved attention to IRS Commissioner Shulman's inane and wasteful preparer regulation initiative. For example, Instapundit links to Katherine Mangu-Ward:
Readers get no points for guessing who backed the regulation. H&R block, and other big tax prep firms were in favor of the rule. Attorneys and certified public accountants are exempt from the requirements. As with many kinds of regulation, relatively low compliance costs for the big boys can be ruinously high for the little guys.
Of course, those of you astute enough to follow the Tax Update have known about this for a long time. Stay on the bleeding edge with the Tax Update!
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