Thursday 14th of December 2017 8:15:30 AM

  • Tax Preparer Policy Changes

    Wednesday 05th of October 2011 7:23:25 PM

    As always, there are upcoming changes but this change is focusing on the Tax Preparers.

    Beginning next year, the IRS will impose an annual requirement of 15 hours of competency training as part of its continuous education program for tax preparers. However, this month the IRS will start setting competency tests for lot’s of tax preparers across the country. This test will be a 120 question test, with a 2 hour limit. Many people feel this will help tighten up the tax preparation industry.

    Like many changes of this caliber, there is a cloud of fear among industry players. They fear these changes will lead to higher prices for taxpayers who engage the services of professional tax preparers. However, we feel these changes will only benefit the taxpayer and the industry. These changes can only strengthen and give credibility to tax preparers, plus it should help reduce mistakes which is a huge plus in our opinion.

    With the changes a new trainee tax preparer has to complete 24 hours of continuous education annually. For existing tax preparers 15 hours looks to be the number annually. This is great because it will help ensure mistakes, omissions or wrong information for taxpayers’ returns are minimized.

    Remember, until now there has been no requirement for tax preparers to prove their competency. So these changes are a good thing even if tax preparer fees increase.



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