Tuesday, September 6, 2011

IRS Issues Specifications for Tax Preparer Exam

On Tuesday, the U.S. Internal Revenue Service (IRS) released the specifications (PDF) for the competency test that individuals must pass to become a Registered Tax Return Preparer, part of an ongoing agency effort to enhance oversight of the tax preparation industry.

The IRS’s oversight efforts began with the requirement that all paid tax return preparers, including CPAs, register with the agency and receive a Preparer Tax Identification Number (PTIN) for this tax season.

CPAs, attorneys and enrolled agents, along with non-signing employees of those groups, are exempt from the testing and education requirements under Circular 230. While the testing requirements won't directly affect Virginia CPAs, will the test have other effects for VSCPA members? What do you think?

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