Taxpayer Protection and Assistance Act of 2005

The Taxpayer Protection and Assistance Act of 2005 was designed to provide greater oversight of the tax preparation industry and increase support for low-income filers. The bill would have authorized federal grants to establish free tax preparation clinics and helped individuals without bank accounts open accounts at insured financial institutions to receive their refunds more securely. Additionally, it sought to protect consumers by requiring tax preparers to be tested and regulated, while forcing lenders to provide clear disclosures regarding the costs and terms of high-interest refund anticipation loans.