The Internal Revenue Service has proposed new regulations for paid tax preparers. The proposed rules include mandatory registration with the government and competency testing for those without professional exams.
Currently just about anyone can take a fee for preparing taxes.
According to analysts, big tax prep companies like H&R Block (NYSE:HRB) and Jackson Hewitt (NYSE:JTX) could benefit from the new rules.
Intuit (NASDAQ:INTU), which makes the populate Turbo Tax tax prep software, could also be affected by new rules.
Also today, New York Attorney General Andrew Cuomo announced H&R Block has agreed to refund up to $19.4 million in fees to customers who bought IRAs. Cuomo alleges that the products cost more in fees than they made. H&R Block will also pay $750,000 in fines and fees to the State of New York.
H&R Block shares are trading up about one quarter of a percent, and Jackson Hewitt shares are trading higher by about one half of a percent Monday afternoon.
For MarketNewsVideo.com, I'm Angela Salvucci.
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