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AICPA Offers Guidance on Registered Preparer Competency Exam - Emil Estafanous, CPA : Emil Estafanous, CPA

AICPA Offers Guidance on Registered Preparer Competency Exam

In a Jul 7 minute to IRS Commissioner Doug Shulman, a AICPA charity a viewpoint on a agency’s growth of a purebred taxation lapse preparer examination. The IRS anticipates that it will start charity a hearing this tumble to impending candidates.

In general, CPAs and employees underneath their organisation will be free from holding a exam. While a hearing does not significantly impact AICPA members, Patricia Thompson, chair of a AICPA’s Tax Executive Committee, forked out a AICPA’s believe with a growth and administration of a Uniform CPA hearing and a enterprise to assistance “craft an hearing that measures a claim turn of believe and skills compulsory of an entrance turn taxation lapse preparer.”

Under a parameters suggested by a AICPA, a hearing would be 4 or some-more hours prolonged and divided into dual parts—an objective, multiple-choice and/or short-answer apportionment that covers believe of elementary taxation and Circular 230 topics, and a second territory in that a claimant is presented a fact settlement requiring a credentials of a elementary taxation return. The AICPA serve endorsed that possibilities be accessible to retake a hearing 30 days after being told of a formula of a prior test.

The AICPA also endorsed that a hearing cover:

  • Basic correspondence issues, as good as addressing fraud, negligence, and a high blunder rates compared with a warranted income taxation credit;
  • Preparer and taxpayer penalties; and
  • Problems associated to creation reprobate promotion claims.

Overall, Thompson pronounced a hearing should “be formed on an research of a many frequently achieved activities and a many common errors by preparers.” She also remarkable a AICPA’s support for charity a hearing in as many languages as a Form 1040 is accessible though cautioned about unintended changes to a definition of a doubt that could outcome from translations.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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