Will the testing be done by the same firm that administers the enrolled agent exam? Or will IRS be doing the testing?
The testing likely will be done by an external vendor(s). The vendor(s) is unknown at this time.
Maybe H&R Block will find a good off-season business opportunity.
Will the recommendations apply to individuals who only prepare payroll or other non-1040 series returns?
All paid signing tax return preparers will be required to register. If the preparer is not an attorney, certified public accountant, or enrolled agent, the preparer will need to satisfy the competency test and continuing education requirements. The preparer will need to pass the complex test if they prepare business returns.
Welcome to hell, all of you private payroll service operators. Congratulations, ADT.
What is the required percentage to pass the competency test?
This has not been determined. Stay tuned to the IRS.gov Tax Professionals page for information on this issue.
Listed below are links to weblogs that reference Unanswered FAQ: why did they hire H&R Block CEO to write them?:
» Payroll Tax Companies & Registration of Tax Professionals from Taxable Talk
The IRS came out with a FAQ on the new regulations of tax professionals. Among the nuggets on the FAQ is that payroll tax companies will have to register (though they may not have to take the competency exam) and that California CTEC practitioners wil... [Read More]
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
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