Video: Tax Return Preparers

In this lesson, Nick Palazzolo, CPA, takes a deep dive into the role of tax return preparers, elucidating their critical function in ensuring the accuracy, compliance, and punctuality of individual income tax preparations. Delving into the essentials, he clarifies that while no formal license is needed to prepare tax returns, anyone performing these services for others must obtain a Preparer Tax Identification Number (PTIN). Nick highlights the distinction between those with and without professional credentials and their respective representation rights before the IRS. He continues by outlining the responsibilities of signing tax preparers as opposed to non-signing ones, addressing potential accountability for the prepared returns. Wrapping up, he stresses the importance of having substantial authority to back any tax treatments or recommendations, thereby maintaining integrity within the tax preparation process.