I recall at a session last year that even non-credentialed 5500 preparers are somehow accountable to the IRS for their errors, even though they have no 'initials' to lose. Does anyone recall hearing this and what the penalty would be?
Another question - there is a small business owner in my city who verbally calls himself an actuary, and lists himself as an 'Actuarial Consultant'. Is this legal? He doesn't have a single credential to his name. My concern is a lot of bad advice he has been giving in the guise of being 'actuarial'.