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The Internal Revenue Service (IRS) is rolling out a comprehensive program to regulate the tax preparation industry and ensure that certain standards of professional conduct are met. not Starting in 2014, any individual who is paid to prepare federal income tax returns must have a preparer tax identification number (PTIN) issued by the IRS and, unless exempt, must pass a competency exam and suitability check to be considered a Paid Tax Return Preparer (PTRP). CPAs and other tax professionals (enrolled agents, attorneys) are exempt from the exam and continuing education requirements but must undergo a portion of the suitability check.
The AICPA has participated actively in the development of the regulations to implement this program - intended to elevate complaince for paid preparers - to minimize its impact on members who are already subject to state and federal regulation.
What's New?
Suitability Checks: The IRS' fingerprinting proposal continue to be on hold while the IRS considers alternatives.
PTINs Need to be Renewed! After Feb. 21, the IRS will consider it expired. Below is an excerpt from a Facebook post from David Williams, director of the IRS' Return Preparers' Office:
"For the vast majority of you, the process to renew your PTIN for 2012 went smoothly...To all of you who had problems, I apologize. We did not anticipate the number of people who would forget their user ID, password or email address. Those who haven’t renewed will soon receive a notice from us that your PTIN is expired and will stay in that status until you do renew." (Jan. 17, 2012)
Tax Practitioners' Toolkit: A wide range of materials to help you reinforce your value as a CPA - includes talking points for overcoming objections to hiring a CPA and a short presentation highlighting the differences between CPAs and unlicensed preparers.
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Advocacy
The AICPA has testified and provided several written comments on various components of the program, including fingerprinting, the competency exam, and continuing education providers.
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AICPA Resources
- Overview of regulations – In-depth article in The Tax Adviser that provides background on the launch of the IRS' Return Preparer Review initiative in April 2009
- Tax Practitioners' Toolkit – a one-stop shop for materials to help you communicate with current and potential clients and reinforce your value as a CPA. The toolkit includes:
- brochures and presentations on 2011 tax provisions affecting individuals and small businesses
- a presentation that outlines the differences between CPAs and other preparers
- print advertisements, and
- messages to add to your website or newsletter that showcase your value
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News and Articles
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