Tuesday, October 16, 2012

Competency Test For Tax Preparers

The Internal Revenue Service is urging the 4,016 Kentucky tax return preparers who have yet to schedule their competency test to register immediately or risk difficulty finding a date, time or location as next year's exam deadline nears. For most of these preparers, the appropriate test will be the Registered Tax Return
Preparer competency test. More than 60 percent of taxpayers nationwide use a tax preparer. Under the new rules, all professional tax return preparers must register with the IRS, obtain a Preparer Tax Identification Number, and adhere to ethical standards. Currently there are 8,684 Kentucky preparers who have obtained a PTIN from the IRS.