Most likely, the answer is no. Remember the days with paper client files, colorful sticky […]
Exposure Drafts appears every other Wednesday. Send suggestions to [email protected].
The Journal of Accountancy's unnecessarily dramatic headline — Limit on direct deposit of refunds will […]
The IRS decided against continuing a court battle on whether it has the legal authority […]
This from our pal Joe Kristan who grinds away at the Tax Update Blog: It’s […]
Mind you, it was a small sample of 19 but of those, 17 were wrong: […]
Save the Date: Senate Hearing on Protecting Taxpayers from Incompetent and Unethical Return Preparers
I may have blown off the PCAOB public meeting this week but this I can […]
In case you weren't paying attention, the IRS's Registered Tax Return Preparer (RTRP) program just […]
Somehow we missed the saga of Mo' Money Taxes. Here are a few stories that […]
Three hundred fifty preparers and two hundred locations won't be included in any future tax […]
It's rare we share any feel-good stories with you all so when I saw this […]
Our resident tax nerd, Joe Kristan, touched on the IRS competency exam a couple of weeks ago but yesterday the IRS officially rolled out the red carpet. So, if you prepare tax returns but aren’t a CPA, lawyer, or enrolled agent, you now have the distinct pleasure of spending $116 to spend a few hours with everyone’s favorite test vendor – Prometric – whose proctors will keep a watchful eye on you to make sure your ostomy bag isn’t a secret answer bank, that you aren’t packing heat and your gum is appropriately disposed of. What’s the point of all this, you ask? IRS Commish Doug Shulman can answer that:
“This is another major step forward in our effort to enhance tax preparation service to millions of taxpayers. People should feel assured that the person they hire to prepare their federal tax returns has a working knowledge of the tax code,” said Doug Shulman, IRS Commissioner. “The majority of tax return preparers are reputable professionals but the few bad apples cause great harm to taxpayers and the industry.”
Got it? It’s for the good of the country. Just make sure you don’t have a runny nose on the day of your test. That’ll get you in trouble.