This bill directs the Secretary of the Treasury to establish a comprehensive regulatory framework for tax return preparers . It amends existing law to mandate that preparers meet minimum competency standards, which include obtaining an identifying number, passing examinations, fulfilling annual continuing education requirements, and completing a background check administered by the Secretary. The legislation expands the Treasury's authority to sanction preparers for incompetence or disreputability, similar to how it regulates representatives before the Department. It also allows for the rescission of a preparer's identifying number under certain conditions, promoting compliance and effective tax administration. Exemptions from these requirements are provided for preparers already subject to comparable standards, such as attorneys, certified public accountants, or enrolled agents, or those under comparable state licensing programs. Beyond preparer regulation, the bill mandates significant technology updates at the Internal Revenue Service. The IRS must implement an algorithm to identify taxpayers at high risk of economic hardship, offering them resources and potentially excluding their debts from automated collection treatments. Furthermore, the Secretary is directed to promulgate and annually update information security standards for all tax software providers to enhance data security.