IRS Webinar

[mcb39]

The IRS Webinar yesterday afternoon, though brief, was extremely helpful and informative as to the upcoming requirements regarding preparer registration and testing. They clarified several questions as to how the procedure will work and the timeframe that will be allowed. I didn't find it a waste of time.

[Margaret CPA in OH]

I did attend and also found it informative. As a CPA, many of the things don't affect me, I think. I am a bit annoyed about having to 're-up' my PTIN which I received within months of their first appearance. I am also not pleased to have to pay a fee. But if it helps to weed out unscrupulous preparers to any extent, I guess it will end up being a better way.

[mcb39]

I did attend and also found it informative. As a CPA, many of the things don't affect me, I think. I am a bit annoyed about having to 're-up' my PTIN which I received within months of their first appearance. I am also not pleased to have to pay a fee. But if it helps to weed out unscrupulous preparers to any extent, I guess it will end up being a better way.

I agree with you, Margaret, I have had my PTIN from the beginning. However, it sounded as though getting one now might be a little more difficult so am happy that they are just going to allow us to renew the one that we have. As for the fee, we have to bite the bullet and if they were honest in the projection, I guess it could be a lot worse.

[Tax Prep by Deb]

The IRS Webinar yesterday afternoon, though brief, was extremely helpful and informative as to the upcoming requirements regarding preparer registration and testing. They clarified several questions as to how the procedure will work and the timeframe that will be allowed. I didn't find it a waste of time.

I know you are probably busy, but for those of us that didn't attend, can you give us some info on the testing, ect...?

I have had my PTIN for several years and frankly I don't mind having to pay the fee. After all my state requires a fee, my city reguires a fee, why not the fed's. And if it helps to weed out some of the messes I have helped to straighten out I'm all for it.

I'm really curious about the testing part because California has had this requirement ever since I started doing taxes 17 years ago. I'm wondering how it will compare?

Deb!

[ILLMAS]

Found it,

http://www.visualwebcaster.com/IRS/68828/reg.asp?id=68828

I am off to see client, so won't have time to view.

MAS

[mcb39]

I know you are probably busy, but for those of us that didn't attend, can you give us some info on the testing, ect...?

I have had my PTIN for several years and frankly I don't mind having to pay the fee. After all my state requires a fee, my city reguires a fee, why not the fed's. And if it helps to weed out some of the messes I have helped to straighten out I'm all for it.

I'm really curious about the testing part because California has had this requirement ever since I started doing taxes 17 years ago. I'm wondering how it will compare?

Deb!

According to the panel, the test will be relatively basic and will be given over a three year period, starting sometime after the filing season in 2011. It will be open book and online. Details have not been ironed out yet. The PTIN registration or renewal will begin in September, 2010 and they are projecting the fee to be somewhere between $75 and $300 for a three year period. They said several times that it would probably be more toward the lower end of the spectrum as these monies are to be used to implement this program only and not used for any other IRS or Federal programs. I have several notes at home, but have just arrived at the cottage for the weekend. They didn't seem to think that anyone who knew anything about preparing a 1040 would have any reason to fail. We shall see.

[Tax Prep by Deb]

Thank You for the update.

Deb!

[TaxCPANY]

What [new] fee, Margaret? My initial readings were that we CPAs who also already have PTINs won't have that to pay. I've done no in-depth homework -- and am waiting til I attend the Chicago IRS Forum in July to learn it all -- but, if I'd got it wrong, I'd like to bring that up, come July (to both the IRS and my state Society).

VTY, TaxCPANY

I did attend and also found it informative. As a CPA, many of the things don't affect me, I think. I am a bit annoyed about having to 're-up' my PTIN which I received within months of their first appearance. I am also not pleased to have to pay a fee. But if it helps to weed out unscrupulous preparers to any extent, I guess it will end up being a better way.

[TAXBILLY]

Fees

Enrolled agents currently pay $125 for enrollment and renewal. Attorneys and certified public accountants pay similar fees to their oversight organizations. Will the fee for obtaining a PTIN be applicable to all enrolled agents, attorneys and CPAs in addition to their other fees? (revised 3/29/10)

Yes. All paid tax return preparers will have to pay a fee to obtain and renew their PTINs. This fee is in addition to any fee that paid tax return preparers must pay for any other certifications or licenses they hold. Because attorneys, CPAs and enrolled agents are exempt from testing, they will not be required to pay the separate testing fee.

What will be the amount of the fee for obtaining a PTIN (if I don't already have one) or registering an existing PTIN ( if I already have one), once the new online preparer registration system becomes available? (posted 5/26/10)

The fee will be the same regardless of whether you are obtaining a PTIN or re-registering an existing PTIN but the exact amount of the fee has not been determined. An estimate is that it will be in the range of $25-100 annually per individual (or $75-300 for the three year renewal period of a PTIN).