I think I have found the answer to my question:
"The use of the plural regards in the phrases in regards to and with regards to is incorrect. Since each phrase shows its speaker regarding just one issue, the regard is singular: in regard to and with regard to.
e.g. I am calling in regard to your memo."
I found it from this site: http://www.drgrammar.org/faqs/
There are a few other grammar-related explanations, so it may be helpful to have a browse through.
Leaderofrogue
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