Find out more at http://cl.thomsonreuters.com/CPESolutions/TaxPreparers
Showing posts with label Compliance. Show all posts
Showing posts with label Compliance. Show all posts
Monday, July 23, 2012
RTRP Courses and CPE Tracking from Checkpoint Learning: A Video Update
Judy Young, Ken Koskay and Winford Paschall talk about
the Registered Tax Return Preparer (RTRP) requirements and testing process, and
new offerings from Checkpoint Learning. New CPE courses in multiple formats
(webinar, online, self-study with online grading, live seminar) are available
to prep for the IRS exam and to meet annual CPE requirements, and Checkpoint
Learning's CPE compliance tracking for RTRPs provides e-alerts, automatic CPE
certificate submission to the IRS, and more.
Find out more at http://cl.thomsonreuters.com/CPESolutions/TaxPreparers
Find out more at http://cl.thomsonreuters.com/CPESolutions/TaxPreparers
Monday, April 30, 2012
Frequently Asked Questions About RTRP
Now that tax season is behind us and that last extension has been dropped in the mail it’s time to think about whether you or some of your staff need to take the new Registered Tax Return Preparers (RTRP) test. The test has been available since last November but the IRS and others recommended that you wait to take the test until after tax season. Following are some of the most frequently asked questions about the Registered Tax Return Preparer test.
1. What does the new IRS return preparer oversight program require?
The oversight program requires all paid tax return preparers to register with the IRS each year and have a Preparer Tax Identification Number (PTIN). Certain tax return preparers who prepare Form 1040 series returns must also pass a one-time competency test, a tax compliance check, and a suitability check.
2. Who must take the RTRP competency test?
All paid tax return preparers who prepare Form 1040 series returns, and are not CPAs, Attorneys, or Enrolled Agents, are required to take the test.
3. Can I take the test even if I’m not required to?
Yes. However, you must have a PTIN if you wish to take the test.
4. Is the test available in Spanish?
No. The test is currently available in English only and generally will be administered in a computer based-format.
5. How many questions are on the test and what is the minimum passing grade?
There are 120 questions in a combination of multiple choice and true or false formats. You will have two and a half hours to complete the test. A perfect score is 500 but you must score 350 (70%) or higher to pass the test.
6. Where do I go to take the test and is there a fee?
The test is administered by Prometric and can be taken at any one of its more than 260 sites throughout the U.S. The test fee is $116 and must be paid each time you take the test.
7. By what date must I pass the test?
Preparers must pass the competency test and a tax compliance chech by December 31, 2013.
8. Do I have to pass the test more than once?
No. Passing the test is a onetime requirement to become a RTRP.
9. Must RTRPs comply with any annual requirements?
Yes. Starting in 2012 you must complete 15 hours of continuing education each calendar year. The 15 hours must include two hours of ethics. three hours of federal tax law updates, and 10 hours of other federal tax law courses. These courses must be taken from an IRS-approved vendor.
10. Where can I find more general test information?
For more information on the testing requirements go to:
http://www.irs.gov/taxpros/article/0,,id=239683,00.html
RTRPs representation rights are limited to representation before certain IRS officers and employees and only in connection with returns they signed.
If you’re looking for an IRS-approved CE vendor with RTRP prep courses to help you pass the test and all the continuing education courses needed to stay current with the latest changes in federal tax law and fulfill the ethics requirement, then visit Checkpoint Learning.
1. What does the new IRS return preparer oversight program require?
The oversight program requires all paid tax return preparers to register with the IRS each year and have a Preparer Tax Identification Number (PTIN). Certain tax return preparers who prepare Form 1040 series returns must also pass a one-time competency test, a tax compliance check, and a suitability check.
2. Who must take the RTRP competency test?
All paid tax return preparers who prepare Form 1040 series returns, and are not CPAs, Attorneys, or Enrolled Agents, are required to take the test.
3. Can I take the test even if I’m not required to?
Yes. However, you must have a PTIN if you wish to take the test.
4. Is the test available in Spanish?
No. The test is currently available in English only and generally will be administered in a computer based-format.
5. How many questions are on the test and what is the minimum passing grade?
There are 120 questions in a combination of multiple choice and true or false formats. You will have two and a half hours to complete the test. A perfect score is 500 but you must score 350 (70%) or higher to pass the test.
6. Where do I go to take the test and is there a fee?
The test is administered by Prometric and can be taken at any one of its more than 260 sites throughout the U.S. The test fee is $116 and must be paid each time you take the test.
7. By what date must I pass the test?
Preparers must pass the competency test and a tax compliance chech by December 31, 2013.
8. Do I have to pass the test more than once?
No. Passing the test is a onetime requirement to become a RTRP.
9. Must RTRPs comply with any annual requirements?
Yes. Starting in 2012 you must complete 15 hours of continuing education each calendar year. The 15 hours must include two hours of ethics. three hours of federal tax law updates, and 10 hours of other federal tax law courses. These courses must be taken from an IRS-approved vendor.
10. Where can I find more general test information?
For more information on the testing requirements go to:
http://www.irs.gov/taxpros/article/0,,id=239683,00.html
RTRPs representation rights are limited to representation before certain IRS officers and employees and only in connection with returns they signed.
If you’re looking for an IRS-approved CE vendor with RTRP prep courses to help you pass the test and all the continuing education courses needed to stay current with the latest changes in federal tax law and fulfill the ethics requirement, then visit Checkpoint Learning.
Tuesday, March 13, 2012
RTRP Test Validation Concluded
The Internal Revenue Service has just announced that it has begun providing test results to tax return preparers who have taken the new return preparer competency test. Those who pass the test and a tax compliance check will be given a new designation: Registered Tax Return Preparer (RTRP).
Testing began in November 2011 and has been in a calibration phase since that time as the IRS validated the test questions and established the passing grade. The calibration phase has now ended. The test has a total of 120-question. A perfect score is 500. Preparers must score at least 350 (70%) in order to pass the exam. The test is part of a larger IRS effort to ensure competency and professional standards in the tax preparation industry. All RTRPs must also complete 15 hours of continuing education annually.
Although preparers have nearly two years to take the test (must pass the exam by December 31, 2013), the IRS encourages them to complete the requirement as soon as they can. Preparers with a testing requirement can schedule the test by accessing their PTIN account at IRS.gov/ptin. The test can be taken at more than 260 sites for a fee of $116. However, the IRS has announced that testing will be suspended for a two-week period beginning April 1 and resume on April 16, 2012. You can find more details about the test at IRS.gov/taxpros/tests.
If you're planning to take the test, check out the Registered Tax Return Preparers Competency Examination Prep Course from Gear Up, a one-day, comprehensive instructor-led course designed to provide you with the training you will need to pass the exam. Currently available this May or June in Arizona, California, Florida, Illinois, Oregon, and New Jersey; click to view more information or call 800.231.1860.
Testing began in November 2011 and has been in a calibration phase since that time as the IRS validated the test questions and established the passing grade. The calibration phase has now ended. The test has a total of 120-question. A perfect score is 500. Preparers must score at least 350 (70%) in order to pass the exam. The test is part of a larger IRS effort to ensure competency and professional standards in the tax preparation industry. All RTRPs must also complete 15 hours of continuing education annually.
Although preparers have nearly two years to take the test (must pass the exam by December 31, 2013), the IRS encourages them to complete the requirement as soon as they can. Preparers with a testing requirement can schedule the test by accessing their PTIN account at IRS.gov/ptin. The test can be taken at more than 260 sites for a fee of $116. However, the IRS has announced that testing will be suspended for a two-week period beginning April 1 and resume on April 16, 2012. You can find more details about the test at IRS.gov/taxpros/tests.
If you're planning to take the test, check out the Registered Tax Return Preparers Competency Examination Prep Course from Gear Up, a one-day, comprehensive instructor-led course designed to provide you with the training you will need to pass the exam. Currently available this May or June in Arizona, California, Florida, Illinois, Oregon, and New Jersey; click to view more information or call 800.231.1860.
Thursday, January 26, 2012
CPE and Me
I had a birthday this month. Now, I am not going to tell you how old I am, but it did remind me that, in addition to being one year older, my annual Continuing Professional Education (CPE) reporting deadline had arrived. I am licensed in a state that requires CPAs to report the number of hours of CPE completed in the twelve-month period ending on the last day of the month in which they were born. The requirement is usually stated in terms of minimum required number of hours of credit and specific requirements such as number of hours earned from technical and non-technical topics and ethics. Failure to complete the minimum hour requirement as well as the specific course requirements can result in suspension of your license to practice.
A summary of CPE reporting deadlines for the 50 states and 4 territories are as follows:
• 28 – December 31st.
• 12 – June 30th.
• 8 – Other
• 5 – Birth Month
• 1 - None
The Wisconsin state board does not require its CPAs to obtain CPE: however, most Wisconsin CPAs voluntarily take CPE in order to stay current with the ever changing accounting and tax rules and regulations.
Five states have birth month reporting periods. These are mainly the large states; California, New York, and Texas. Arizona and New Mexico have also adopted reporting based on the month you were born.
The majority of the states-(74%) have either June 30th or December 31st-as their reporting date.
Often reporting periods do not correspond to the license renewal date, so you need to be careful to complete the required number of hours of CPE within the renewal period. Also, limits on the number of hours of credit you may report for a specific type of CPE (self-study vs. instructor led or technical vs. non-technical) need to be carefully monitored so you do not run afoul of the requirements.
If you are licensed in only one state, keeping up with your CPE requirements may not be that challenging. However, if you are licensed in multiple states, it can become a daunting task. The good news is that there is help available. Thomson Reuters CE Tracking, available on Checkpoint Learning©, tracks over 70 organizations that regulate licensing and certification requirements, including all 50 states. Just follow the link for more information.
https://checkpointlearning.thomsonreuters.com//Courses/CpeTracking
Features of CE Tracking include:
• Automatic determination of compliance periods.
• Enforcement of limits/prohibitions on credits earned.
• Notification of rule updates and changes.
• Monthly e-mail reminders to keep you informed of your CE compliance status.
Check it out for yourself. It can save you time and ensure that you meet all of the continuing education requirements mandated by each of your licensing bodies.
A summary of CPE reporting deadlines for the 50 states and 4 territories are as follows:
• 28 – December 31st.
• 12 – June 30th.
• 8 – Other
• 5 – Birth Month
• 1 - None
The Wisconsin state board does not require its CPAs to obtain CPE: however, most Wisconsin CPAs voluntarily take CPE in order to stay current with the ever changing accounting and tax rules and regulations.
Five states have birth month reporting periods. These are mainly the large states; California, New York, and Texas. Arizona and New Mexico have also adopted reporting based on the month you were born.
The majority of the states-(74%) have either June 30th or December 31st-as their reporting date.
Often reporting periods do not correspond to the license renewal date, so you need to be careful to complete the required number of hours of CPE within the renewal period. Also, limits on the number of hours of credit you may report for a specific type of CPE (self-study vs. instructor led or technical vs. non-technical) need to be carefully monitored so you do not run afoul of the requirements.
If you are licensed in only one state, keeping up with your CPE requirements may not be that challenging. However, if you are licensed in multiple states, it can become a daunting task. The good news is that there is help available. Thomson Reuters CE Tracking, available on Checkpoint Learning©, tracks over 70 organizations that regulate licensing and certification requirements, including all 50 states. Just follow the link for more information.
https://checkpointlearning.thomsonreuters.com//Courses/CpeTracking
Features of CE Tracking include:
• Automatic determination of compliance periods.
• Enforcement of limits/prohibitions on credits earned.
• Notification of rule updates and changes.
• Monthly e-mail reminders to keep you informed of your CE compliance status.
Check it out for yourself. It can save you time and ensure that you meet all of the continuing education requirements mandated by each of your licensing bodies.
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