Certain paid tax return preparers who prepare the Form 1040 series returns must pass a one-time competency test by December 31, 2013. The IRS has released more details regarding this test:
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The fee to take the test will be $116;
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It is a timed 2.5-hour test consisting of 120 questions;
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The test will cover 2010 tax issues;
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Test takers cannot bring resource materials with them to the test, but they will have access to Form 1040 (including instructions) and Publication 17; and
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There is no limit to the number of times the test can be taken. However, the fee will apply each time.
Preparers who need to take the test can register online through their PTIN account. If a preparer does not have a PTIN account, he or she may register by calling (855) 477-3926.
For complete information, see IRS Fact Sheet 2011-12:
www.irs.gov/newsroom/article/0,,id=249971,00.html
Test specifications can be found here:
www.irs.gov/pub/irs-utl/rtrptestspecifications.pdf
At Spidell’s Federal/California Tax Update Seminar we will talk about:
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What property tax is deductible
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How the new federal Schedule D works
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How to treat the sale of gold and silver
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What happens if your client is selling stuff on e-Bay
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New laws coming this year and old laws going away
Click here to register today.
