A bill to amend the Internal Revenue Code of 1954 to provide for the licensing of, and for certain other regulations with respect to, persons in the business of preparing tax returns.

Provides that no person, other than an attorney or certified public accountant, may prepare an income tax return for compensation without a license. States that the Secretary of the Treasury shall issue such licenses for a period of two years if the applicant has the appropriate qualifications. Permits the Secretary to seek injunctions against individuals or businesses preparing income tax returns for compensation without a license.

Imposes penalties on income tax preparers for failure to sign the return, to obtain a license, or to negligently or intentionally understate the amount of tax due. Requires income tax preparers to file an informational return stating the names, addresses, and taxpayer identification numbers of all taxpayers for whom he provided services.