Hot Off The Press- IRS Competency Exam Subject Matter Update!

Wow!  It seems that the IRS went all out when creating the new exam that a registered tax return preparer must pass.  Basically, they made it a mini-Enrolled Agent exam, minus the small business material.  Check out the following link to see a complete list of the test material, “IRS Competency Exam” or see below for an abbreviated list of the seven “domains” it will cover:

  1. Preliminary Work & Collection of Taxpayer Data (15% of exam)
  2. Treatment of Income & Assets (22% of exam)
  3. Deductions & Credits (22% of exam)
  4. Other Taxes (11% of exam)
  5. Completion of the Filing Process (10% of exam)
  6. Practices & Procedures (5% of exam)
  7. Ethics (15% of exam)

Other quick facts about the test:

  • The test will be a 120 questions in the format of multiple choice and True/False
  • The test will be either pass or fail and there is no limit as to how many times an individual can take it
  • It will still be administered by Prometric and will have a time limit somewhere between two and three hours, probably three (still not finalized)
  • The cost will be somewhere around $100-$125 (still not finalized yet)
  • Prometric will provide test-takers with IRS Pub. 17, Form 1040, and Form 1040 instructions for reference materials

The clock is ticking with the exam projected to come out next month.  By nature, humans tend to procrastinate, expecially when it comes to test preparation.  Now is a great time to start shopping for something to help an individual pass this exam.  Worried about buying a product that might get dated by another IRS change to their exam content?  No need to fear if you buy The Tax Squad’s “Tax Preparer Study Guide” because you are guaranteed to be covered with everything you need to know to pass the IRS exam the first time!  If the IRS decides to change what is going to be on the exam, those who purchased The Tax Squad’s Tax Preparer Study Guide before the change/s have two options:

  1. At no cost, receive in Word document form any additional chapters or revised chapters needed to make the study guide capture these IRS changes to exam content
  2. Receive the updated hard copy version of the study guide that captures any IRS changes to exam content for a nominal fee of $20, which covers shipping and its cost

 

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