The tax return preparer industry is changing as the market is demanding more accountability from professional tax return preparers.
Optimistically, the new rules the IRS is launching to enhance oversight over the tax preparation industry will create a positive impact in the overall industry. In this article the analysis focuses on where tax return preparers should take the competency examination.
Taxpayers will be served by professionals with a higher level of competency, personal credibility and ethical performance. The tax return preparer profession or career will evolve to a more prestigious and valuable professional practice.
The IRS released in early September/2011 a report that shows that approximately 730,000 return preparers have registered
and received PTINs during 2011. Approximately 62% of that number does not have professional credentials and the IRS does not yet know how many of those preparers will fall into exempt categories. So, even though the exact number of potential candidates to the competency examination is still uncertain, it will be a big part of the approximately 450,000 individuals without professional credentials who received their PTINs.
As the announced initial test offering date approaches (Mid 2011) more and more of the practitioners in the tax return preparation industry will be raising questions about their personal situation and about details of the process of becoming a Registered Tax Return Preparer (RTRP).
One important detail regarding the initial test offering announced for the beginning of Fall/2011 is where the exam will be taken. Where should candidates meeting all the requirements go to take the test?
That location is one of the roughly 260 Prometric Inc. facilities nationwide. Prometric Inc is a global company offerings technology-enabled testing and assessment services. With headquarters in Baltimore, Maryland, Prometric offers test design, test delivery and data management services to clients around the world and it is the company chosen by the IRS to administer
the competency examination.
Prometric Inc. will work with the IRS and the tax preparer community to develop the test. Once the test questions are designed and have the final approval of the IRS, Prometric Inc. will be in charge of administering the test to candidates. The test is computer based and it is expected to last between 2 to 3 hours.
If you are planning to take the tax return preparer competency examination, timing is gold here. The sooner you can introduce yourself as a Registered Tax Return Preparer, the sooner you can take the lead over your competitors who decide to wait until the last minute to prepare themselves. Being proactive in the IRS competency examination process is a step in the right direction.
Please, don't let time run out without taking action toward being informed about the IRS exam. Visit www.1040examprep.com
