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