In response to oversights by tax preparers, the IRS has created a tax preparer exam. The exam requires tax preparer exam tests basic tax competency. Tax preparers are needed to register for a PTIN (Preparer Tax Identification Number). For those who past the examination, a background check, tax compliance checks and 15 hours of continued education annually, they will have a new designation known: Registered Tax Return Preparer.
See "Back to School: Do Tax Preparer Exams Keep Taxpayers Safe?" Forbes.com (September 11, 2011).
Posted by Marc Tan, Associate Editor, Wealth Strategies Journal.
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