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Using the Title “Registered Tax Return Preparer”?!

In Accounting & Finances, Business, Taxes on October 23, 2011 by Sufen Wang Tagged: , , , , , , ,

 The IRS says Nobody Can Claim the Name – Just Yet

 

 

Think you have what it takes to be called a Registered Tax Return Preparer (RTRP)? At the moment, nobody does! In case you missed it, the IRS issued a reminder that NO ONE can currently claim to be a “Registered Tax Return Preparer,” even if they have a provisional preparer tax identification number (PTIN).
 
Cutting corners (and words) by calling yourself a “Registered Return Preparer” or “Registered Tax Preparer” isn’t going to cut it either. In order to become an official RTRP, an individual must have a valid PTIN, complete 15 units of continuing education, pass the
IRS competency examination, and also pass the tax compliance and suitability checks. Sounds simple enough – except for the fact that the examination is not yet available and the IRS is still developing the suitability check!


Although the IRS released the specifications for the exam, the agency hasn’t stated when the test and the check will be up and running. Since NOBODY can satisfy all four of the RTRP requirements, at this point, NOBODY may designate her/himself as a registered tax return preparer. That means EAs, CPAs, and other individuals exempt from taking the IRS competency examination and the 15 education units shouldn’t print “Registered Tax Return Preparer” on their business cards either.

Don’t turn a blind eye to these IRS requirements– especially since all 730,000 PTIN holders are subject to the advertising and solicitation rules under section 10.30 of Circular 230. Advertising yourself as an RTRP when you really aren’t registered could result in a trip to the Office of Professional Responsibility, a monetary penalty, and even a disqualification from the practice. Now stop reading and go study and get ready for the IRS upcoming competency exam!

 
So, folks, don’t get fool by titles or advertised names, check out your tax preparer’s credential before you acquire the services.
 
On the Money,
Sufen Wang
Wang Solutions

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