|
A community of people who love to write |
Home | Submit Articles | Login (Note the .ORG in our domain name) |
| ALL Categories | HEALTH | EDUCATION | FINANCE | TECH | WOMEN | ENTERTAINMENT | TRAVEL |
Proposed IRS Regulation of Tax Return PreparersBY: Carl Pires | Category: Careers | Submitted: 2010-05-07 09:03:28
Phase 1. Federal ID number & registration • All individuals who sign a federal tax return as a paid tax preparer will be asked to obtain a Preparer Tax Identification Number (PTIN). The PTIN will be the exclusive number used to identify any tax preparer submitting returns to the IRS; • The IRS is currently setting up a national registration system which is expected to go online later this year or in early 2011. When the system goes online, preparers will be asked to register with their PTIN. The IRS may charge a reasonable, nonrefundable fee to register as a tax return preparer; • Tax preparers who are registered in California and Oregon will not be exempt from the IRS registration requirement; • The IRS will make tax preparer registration effective for three-year periods and will require tax preparers to renew their registration every three years. Phase 2. Competency examination • Within three years, the IRS will implement competency testing for all paid tax return preparers required to register with the IRS who are not attorneys, certified public accountants or enrolled agents; • Tax preparers who are registered in California and Oregon will not be exempt from the IRS competency examination requirement; • There will not be any "grandfathering" from these testing requirements based upon past tax return preparation experience; • The IRS proposes that tax return preparers be given three years from the initial implementation date of testing to pass the required examinations (discussed below). Also, tax return preparers testing during this initial implementation period may attempt to pass the examination as many times as the examination is offered, provided that the applicable fee is paid for each attempt; • Initially, the IRS will offer two competency examinations: One examination will cover wage and nonbusiness income Form 1040 series returns; another examination will cover wage and small business income Form 1040 series returns. The IRS plans to add a third test to address the competency of the tax return preparer with regard to business tax rules after the three-year implementation phase is completed. Phase 3. Continuing education • After passing the competency test, the IRS will require 15 hours of annual continuing professional education, including three hours of federal tax law updates, two hours of tax preparer ethics and 10 hours of federal tax law topics, for tax return preparers who are required to register; • Tax return preparers will be required to self-certify the completion of continuing education at the time of registration renewal. The IRS will perform random checks to verify compliance. Article Source: http://www.writearticles.org/ About Author / Additional Info: For more information, please visit http://www.CalTaxSchool.org Comments on this article: (2 comments so far)
Additional Articles: • Oooh I Am Breathing You Jesus • Who Will Laugh Most Happily After Facebook IPO? • Shopping For Stylish Windows • How to Bubble Tea to Drink Red Dates? | Jujube Tea Latest Articles in "Careers" category: • Can One Make Money With Scentsy? • I Am a Dreamer • A New World For Workers • Motoring Journalism's Not That Good. It's Even Better. • How to Get Online Freelancing Works Effectively • The Golden and Creamy Life of Accountants. Boring? You're So Wrong. • Working as a Freelance Writer - A Demanding But Well Paying Career Important Disclaimer: All articles on this website are for general information only and is not a professional or experts advice. We do not own any responsibility for correctness or authenticity of the information presented in this article, or any loss or injury resulting from it. We do not endorse these articles, we are neither affiliated with the authors of these articles nor responsible for their content. Please see our disclaimer section for complete terms. 
Copyright © 2010 writearticles.org - Do not copy articles from this website. |
|||||||||||||
| | Disclaimer | Xhtml | | |||||||||||||
