A bill to amend the Internal Revenue Code of 1954 to provide for licensing of income tax return preparers.

[AI summary unavailable — showing source text] Requires each individual, under the Internal Revenue Code of 1954, who is engaged in the business of preparation of tax returns to meet standards set by the Secretary of the Treasury for designation as a United States licensed tax return preparer. Provides that such designation shall be for a period of 5 years. Vests in the Secretary the power to set standards regarding fitness and competence of preparers, and to renew and withdraw such designation. Makes the failure of any individual otherwise required to obtain status as a licensed preparer, to obtain such status punishable by as much as 6 months imprisonment and/or a $1,000 fine.…