To regulate tax return preparers and refund anticipation payment arrangements.

Bill 117 HR 5375, also known as the Tax Return Preparer Regulation Act, aims to regulate tax return preparers and refund anticipation payment arrangements in the United States. The bill seeks to establish guidelines and requirements for individuals who prepare tax returns for others, ensuring that they meet certain qualifications and adhere to ethical standards.

Under this legislation, tax return preparers would be required to pass a competency exam and undergo continuing education to stay up-to-date on tax laws and regulations. Additionally, the bill would establish a registration process for preparers, allowing the IRS to track and monitor their activities.

The bill also addresses refund anticipation payment arrangements, which are loans made by tax preparers to taxpayers who are expecting a refund. These arrangements would be subject to regulation under the bill, with requirements for transparency and fair lending practices. Overall, the Tax Return Preparer Regulation Act aims to protect taxpayers from unscrupulous preparers and ensure that they receive accurate and ethical assistance with their tax returns. By establishing standards for preparers and refund anticipation payment arrangements, the bill seeks to promote fairness and integrity in the tax preparation industry.