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| December 2011 Newsletter Issue No. 1017 | |
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Greetings!
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Hello, and welcome to our December Newsletter. We hope you had a great Thanksgiving and here at Platinum we are so thankful for all of our wonderful customers.
According to a news release on November 22, 2011, the IRS is finally ready to begin the long anticipated Registered Tax Return Preparer Competency Exam. Here is what you need to know:
- EAs, CPAs and attorneys are exempt (as are supervised preparers and non-1040 preparers)
- The fee for the exam is $116.00
- Test takers will have 2.5 hours to complete the 120 question test which consists of multiple choice and true/false questions
- Test scheduling began November 28, 2011 - use IRS PTIN system to schedule your exam
Although the background check parameters have not been finalized, those who pass the test and an initial tax compliance check will be issued certificates and can begin using the RTRP designation. These individuals may be subject to an additional background check implemented by the IRS in the future.
In addition, we are needing five customers to give us feedback on our new EA Review course scheduled for completion the beginning of January. The first five customers who like us on Facebook and comment on why they should be chosen will be awarded a free EA Review course. You must be willing to complete the course within 60 days and give us feedback along the
way. If you have already liked our page, please comment why you should be chosen.
Remember, Platinum has added a Tax Resource page to our website! There you can find tax forms, tax calculators, and other useful resources. Please give us your feedback on our blog or facebook page, as we would like to know if you find this useful as you go through your upcoming tax season.
If you have any questions, please give our office a call. We will be happy to answer questions.
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Sincerely,
Lauren Zago
Platinum Professional Services
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Important Updates for Tax Preparers
The Internal Revenue Service said it plans to add a new option to its Preparer Tax Identification Number system in December for users who need to change the email address associated with their online PTIN accounts.
The new option will also help people who have forgotten their user IDs or passwords, but don't have access anymore to their original email accounts, according to an IRS email alert to tax professionals on Wednesday.
The IRS encouraged registered tax return preparers in this situation to wait for the online option coming next month instead of sending paper applications, which can take between four and six weeks to process.
IRS Live: Updates from OPR and RPO
The Dec.14 IRS Live webinar will provide an overview of the responsibilities of the newly established Return Preparer Office. The broadcast will also cover the recent IRS Office of Professional Responsibility reorganization and its exclusive authority under Circular 230.
You will be required to complete 15 hours of continuing tax education for the 2012 year. Platinum is offering IRS Continuing Professional Education courses that fulfill the requirement. Our courses will be starting at $27.95 and will be available starting in January.
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| Tax Preparer News
Tax Preparers who have a PTIN, have a Provisional PTIN, until you the pass the test, and you have until December 31, 2013 to pass the test. However, if you do not pass the test in 2012, you will still need to complete continuing education in 2012, before you are allowed to renew their Provisional PIN in 2012. The notice also explains that certain tax return preparers who must pass a suitability check will have to provide their fingerprints so that a Federal Bureau of Investigation database search can be conducted. Generally, the fingerprint requirement will affect those preparers who currently have provisional PTINs.
The IRS also published proposed regulations today ( REG-116284-11 ) that would establish user fees for fingerprinting and taking the competency examination. As proposed, the IRS portion of the fingerprinting fee would be $33, and the IRS portion of the testing fee would be $27. These user fees are in addition to any fees charged by the third-party vendors administering the programs. The fees to be charged by third-party vendors are not being announced at this time, but the total fees, including the IRS user fees, are expected to be between $60 and $90 for fingerprinting and $100 and $125 for testing.
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Notary Public
News
Platinum is now offering notary courses for forty-one states!
There are new laws affecting Notaries Public beginning January 1, 2012. Click here to learn more: New Laws Affecting Notaries Public
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CPA Tidbits The American Institute of CPAs settled its copyright infringement lawsuit Tuesday with KAPLI Inc., a provider of review course materials, over the company's alleged use of some of the questions and test items from the AICPA's Uniform CPA Exam that had not previously been made public. Under the terms of the settlement, KAPLI, which is short for Korean American Professional Learning Institute, has agreed to a confidential financial settlement, the terms of which have not been disclosed. As part of the settlement, the review course provider has stated its intention to improve the public's awareness of the AICPA's copyrights and the integrity of the Uniform CPA Examination and agreed to educate its examinees as to the importance of maintaining the confidentiality of the Uniform CPA Examination questions and test items. |
Notary Services
Why not add Notary Services and create a new source of income for yourself? Our online Notary Course is available for only $29.95. Best of all, your Proof of Completion is emailed to you within minutes. |
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Platinum Rewards Referrals!
Starting October 1st through December 31st, customers are encouraged to refer their friends, coworkers, and employees to Platinum. The top three customers with the highest amount of referrals will be rewarded in turn. For every customer they refer, they will receive a course of their choice for free. So how do you let Platinum know you referred someone? It's easy, just send us a quick email with your full name and their name.
* The top three customers with the highest amount of referrals will each receive a free course of their choice for every customer they refer. This referral promotion ends December 31st. The free courses they receive can be used during any year. Referral promotion limited to five free courses. Excludes group discounts.
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Facebook and Twitter
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