NY sets new rules for tax preparers

Tax prep assistance filing

ALBANY, N.Y. (AP) — The Cuomo administration has set new regulations for paid tax preparers, saying they will reduce errors and possible fraud.

According to the governor’s office, the rules apply to some 40,000 preparers.

The state since 2011 has required most preparers to register annually with the Tax Department.

Under the new regulations, those paid to prepare at least 10 state tax returns in a year are required to pass a basic competency exam, meet applicable IRS requirements and take four hours of annual continuing education.

Those with fewer than three years’ experience would be required to take a 16-hour basic tax course.

The state Department of Taxation & Finance says the regulations took effect Dec. 11.

Attorneys, public accountants and volunteer tax preparers are exempt.

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