Archive for November 11, 2011

Registered Tax Return Preparer Test Information Booklet Available For Download

November 11, 2011 / / 398 comments
Professiona tax preparation software, tax preparation software for preparers, w-2 printing, 1099 printing

As of January 1, 2011, all paid tax return preparers must obtain a Preparer Tax Identification Number (PTIN) before preparing returns. If you already have a PTIN, you must renew it each year. 

Some preparers must take and pass a competency test in order to obtain a PTIN. Certified Public Accountants, attorneys, Enrolled Agents and individuals who do not prepare 1040-series returns are exempt from the testing requirement. Some preparers who are supervised by Certified Public Accountants, attorneys, and Enrolled Agents may also be exempt. To determine if you are required to take the test, review the Frequently Asked Questions at www.irs.gov/ptin. 

Test Booklet is available bellow for download » Read more..

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IRS Delays Tax Preparer Fingerprinting Requirement

November 9, 2011 / / 961 comments
IRS

The Internal Revenue Service is temporarily shelving its controversial plan to fingerprint tax preparers, IRS Commissioner Doug Shulman said Tuesday.

 

Speaking at the American Institute of CPAs’ National Tax Conference, Shulman described some of the IRS’s latest moves, including ones influenced by the AICPA. The AICPA wrote to Shulman last month asking the agency to reconsider its plans for fingerprinting tax preparers as part of its effort to regulate the tax preparation profession.

“We have received input on the recent background check » Read more..

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Tax Return Preparer Errors Cause for Tax Preparer Enforcement

November 9, 2011 / / 666 comments
Professional tax preparation software, 1099 printing, w-2 printing

Shulman Discusses the Future of Tax Preparer Enforcement 

Press Release — November 8, 2011

IRS Commissioner Doug Shulman spoke at the AICPA Fall Meeting on November 8, 2011, and shared information that will impact the future of tax professionals. In 2010, the IRS implemented the Return Preparer Program, an initiative requiring all tax preparers to register with the IRS and obtain a PTIN. This program also requires preparers that are not attorneys, CPAs or enrolled agents to complete the Registered Tax Return Preparer Competency exam and complete continuing education.

Originally, to become a registered tax return preparer » Read more..

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EITC Due Diligence Penalty Increased

November 4, 2011 / / 672 comments
eitc

The EITC due diligence penalty is jumping from $100 to $500 on returns filed after Dec. 31, 2011. Learn how to meet the requirements and avoid penalties with the online EITC Due Diligence training module.

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Certain Enrolled Retirement Plan Agents Not Required to Obtain a PTIN

November 4, 2011 / / 697 comments
Professional tax preparation software, 1099 printing, w-2 printing

Notice 2011-91 

 

The regulations governing practice before the IRS, which are published in 31 CFR part 10 and are reprinted as Treasury Department Circular No. 230 (Circular 230), establish enrolled retirement plan agents as individuals who may practice before the IRS. Enrolled retirement plan agents’ practice is limited under section 10.3(e) of Circular 230 to representing taxpayers before the IRS with respect to issues involving the following programs or forms: employee plans determination letter program, employee plans compliance resolution system, employee plans master and prototype and volume submitter program, and the Form 5300 and the Form 5500 series that are filed by retirement plans and plan sponsors but not with respect to actuarial forms or schedules. Section 10.4(b) of Circular 230 requires individuals who want to become » Read more..

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