The IRS's Inspector General, in a report released July 20, said the IRS does a poor job overseeing the paid tax preparers used by more than half the nation's taxpayers.

Most tax preparers in most states are not subject to any special regulations or prerequisites. In those jurisdictions, anyone can operate as a paid tax preparer. There is a special class of nationwide tax preparers that the IRS does regulate closely - they are Enrolled Agents (EA). EAs have passed a rigorous two-day, four part test conducted by the IRS. Then, EAs maintain their certification through continuing education that is subject to IRS approval. In tax court, EAs have equal status with lawyers and CPAs.

I am an Enrolled Agent who welcomes IRS oversight and scrutiny. It makes sense to include the advice of an Enrolled Agent in your tax planning.

The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!