PTIN and Preparer Licensing News

IRS Moves Forward With Preparer Registration Plan
from the Journal of Accountancy, August 19, 2010

On Thursday, the IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers (REG-138637-07). Proposed amendments to Circular 230 would clarify the definition of tax practice, establish a new “registered tax return preparer” designation, define the eligibility requirements for becoming a registered tax return preparer, set tax return preparation standards, and amend the current rules covering CPE providers.

The IRS also announced that a new online preparer taxpayer identification number (PTIN) application system is expected to go live in mid-September (IR-2010-91). The third-party vendor administering the system will charge a $14.25 fee, on top of the IRS’ proposed $50 PTIN fee. …[read more]

CPAs to IRS: Slow Down Tax Preparer Registration Proposal
from the Pennsylvania Institute of Certified Public Accountants

The IRS is working to improve the competency and ethical conduct of paid tax preparers through new regulations that include the following:

  • A personal tax identification number (PTIN) for all preparers
  • All preparers to be subject to Circular 230
  • An exam for registered preparers
  • Continuing education for registered preparers

CPAs, attorneys, and enrolled agents would be exempt from the exam and continuing education requirements, but would be required to obtain and use a PTIN number. …[read more]

Speak Your Mind