New Irs Tax Preparer Regulation Could Cost Thousands
The nations tax professionals beware! If you don't stay up to date with the
upcoming tax regulations, you may be sacrificing thousands of dollars of your hard-earned income. A recent statement issued by the IRS imposes new regulations that any professional tax preparer will have to comply with in order to continue to legally prepare taxes in the United States.
Tax Preparers Must Obtain a PTIN
Starting on December 31, 2010, anyone who is paid to prepare taxes will be required to obtain a Preparer Tax Identification Number or PTIN. This number will be used to identify the tax preparer when they submit their returns to the IRS. Failure to obtain a PTIN will subject you to fines for each and every tax return you have filed on or after January 1, 2011. The system is expected to go online in the beginning of September, so stay tuned with IRS.gov or NBTPonline.com for the latest information.
Tax Preparers Must Take a Competency Exam
If you are a professional tax preparer who is not an attorney, CPA, or an enrolled agent, you will be required to take a competency test every 3 years. Even if you have 30 years of experience preparing taxes, this will still be a requirement. The rollout plans for these tests include the implementation of three different exams. The first exam will cover wage and non-business income Form 1040. The second exam will cover wage and small business income Form 1040. And the final exam will cover business tax rules.
Tax Preparers Must Have 15 Hours of Continuing Education
By 2011, as a professional tax preparer, you will be required by the IRS to have 15 hours a year of continuing education. Any tax professional who does not adhere to these new regulations will face harsh fines and penalties, so it's important to stay current with all the latest news and regulations happening in the tax preparation world.
The good news for tax preparers is that several organizations like the National Board of Tax Practitioners are offering assistance. The NBTP is offering a free workshop titled "How to Survive IRS Tax Preparer Regulations" these workshops are being offered in select cities throughout the nation. Over 45 workshops presentations will be offered, in both English and Spanish. Attendees will receive detailed information on how to comply with the new IRS regulations. The workshop will also provide valuable industry details regarding client retention and the future of bank products known as refund anticipation loans and electronic refund transfers.
For more information you can visit their website are http://www.nbtponline.com or the Internal Revenue Service at http://www.irs.gov
by: Deysi Alcala
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