New Mandates...

[MAJ]

So I listened to a Pod Cast from NATP.
Here's a video version: http://www.youtube.com/watch?v=Rm0a9GGPU4M
Stop by the NATP website to listen to the PodCast. http://ad.natptax.com/Pages/default.aspx Look on the left side - lower/center of page.

Proposed listing as to what will be covered on the tests. Purchasing test materials now may be fully valid until the final coverage is released. No course is avialable as test content and methodolgy

Get PTIN before 12/31/2010 - This will give you 3 years to take tests.
Get ERO Authorization for 2010 if you file 100 or more returns.
For 2011 if you prepare 10 or more you will need a ERO Authorization.

After 9/1/2010 - 12/31/2010 -
1) Make sure you have a PTIN ($75-$300) as registered with Acenture
2) Get Trainting toward Tax Preparer Cert test
3) Take Test
4) Continuing Education

Key points:
1) Comp Exams will be released in May 2011
PTINS will be valid for 3 years. Get it by 12/31/2010 & you will have 3 years.
Once testing is available (New, unregistered, un-enrolleed tax return preparers) you must take the test BEFORE you will be issued a PTIN & allowed to prepare returns. Take advantage of the 3 year transition period.

NATP will have tests and courses available once IRS releases surch information.

[Bees Knees]

One more reason to go for the EA exam.

[AJsTax]

The IRS

release said the new PTIN will be good for one year and will be $50 plus fees. So we will have to go through the hassel of renewing that number every year even tho we already have our EA number and fees every three years.

[Bees Knees]

release said the new PTIN will be good for one year and will be $50 plus fees. So we will have to go through the hassel of renewing that number every year even tho we already have our EA number and fees every three years.

For EAs, it simply means paying the $50 to renew the number, and attest to the fact that you have taken enough CPE to maintain your EA license. EAs will not have to take a test to get the new number.

[taxxcpa]

Fees

If the fee starts at $ 50, guess where it will be in a few years.
My CPA license was $ 8.00 per year when I first got it.
Now it is $ 200 per year.

My Drivers license has also gone up from something like $1.00 a year when I first got it.

[AJsTax]

True,

For EAs, it simply means paying the $50 to renew the number, and attest to the fact that you have taken enough CPE to maintain your EA license. EAs will not have to take a test to get the new number.

the point I was making is that the renewal period as it stands now is every year. Even tho our EA is every three years.
I have nothing against getting every one that is paid to have the number and testing. And I believe it should be everyone that in any way makes a decision on how information will be reported on the tax return, whether they sign the return or not. And don't forget , this requirement is for all Federal tax returns, including the 94x series, etc.
Just does not make sense to have to renew our EA license with the IRS every three years and the PTIN every year.

[Lion]

3x

Accenture gets three times the fees from each of us this way!