H.R.4463 - Tax Refund Protection Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Bonamici, Suzanne [D-OR-1] (Introduced 04/10/2014)|
|Committees:||House - Ways and Means; Financial Services|
|Latest Action:||House - 04/10/2014 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
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Summary: H.R.4463 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (04/10/2014)
Tax Refund Protection Act of 2014 - Amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to: (1) regulate refund anticipation payment arrangements, (2) establish a licensing or certification program governing tax return preparers subject to this Act, (3) regulate such preparers, and (4) require applicants to demonstrate qualifications and competency to perform tax return preparation sevices.
Authorizes the CFPB to impose a licensing or certification fee.
Directs the CFPB to require such preparers to make prescribed disclosures to a consumer, including: (1) a fee schedule for preparing or filing a federal income tax return, or executing a refund anticipation payment arrangement; and (2) the consumer's responsibility to pay any fees and interest associated with a refund anticipation payment arrangement even if the consumer does not receive a tax refund or the refund's amount is less than anticipated under the arrangement.
Empowers the CFPB to take enforcement action against a preparer for specified violations.
Amends the Internal Revenue Code to permit a federal income tax refund, on taxpayer request, to be split between the taxpayer and the preparer. Prohibits treatment of such a split as disreputable conduct merely because the taxpayer requested the split.