New IRS Regulations and Proposals Pick Up Speed

The IRS is proposing a new set of tax preparer regulations that will change who will be allowed to prepare and file taxes. The first step in the process—expanding use of the preparer tax identification number (PTIN) system—starts next month with open registration. Upcoming requirements include:

• All paid tax return preparers must sign up with the IRS, pay a registration fee and obtain a preparer tax identification number. If you already have a PTIN, you must still signup under the new process.
• Competency tests for all paid tax return preparers except CPAs, attorneys and enrolled agents who are active and in good standing with their respective licensing agencies.
• Continuing professional education of 15 hours per year for all paid tax return preparers except CPAs, attorneys and enrolled agents.
• Tax compliance checks on all tax return preparers.
• Extending Circular 230 ethics standards to all preparers.

Learn more.

This entry was posted on Tuesday, August 3rd, 2010 at 1:21 pm and is filed under CalCPA Buzz. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.