I have scheduled the RTRP Competency exam later this month. Would anyone who has taken the exam already give me some advice as to how to prepare for it? Like what kind of studying materials that I want to use...etc. Thank you in advance.
-
-
I didn't waste any money on studying materials. The only "studying" that I did for the test was to download circ 230 from the IRS website and read through it. I figured I should already know enough to pass a minimal competency test since I have been preparing returns for more than a decade! Also, pub 17 and the 1040 instructions were available for use during the test. If you are not a new preparer, then don't sweat it! Good luck! -
How much do you know?
Have you been doing taxes long? Do you do a lot of taxes? How is your knowledge level?Originally posted by Questionguy101 View Post
I have been doing taxes a long time. I also did not study but passed and think I would have scored in the 90's.
So answer the above questions and I can help give you an answer.
DustyComment
-
Thank you, I am very confident in the tax rule sections.
But I think I need to prepare for the ethics section because I need to know the protocol that I am supposed to follow under certain situations (that is what they will test us on, right?). Is Circ 230 enough to prepare me for that?
Also, I know Pub 17 and 1040 instruction is available for reference during the test. Is Circ 230 available too?Comment
-
I would use FastForwardAcademy.com which offers 230 questions with answers immediately available. Covers ethics along with other subjects free. I used form 1040 which is available during the test, referred to it a couple times. The electronics version of publication 17 was too cumbersome and didn't use it. I think you are correct in doing some preparing before taking the test. Some subjects never come up in our tax practice.Originally posted by Questionguy101 View PostLast edited by zeros; 11-12-2012, 07:01 PM.Comment
-
The IRS web site offers study materials and suggestions. You can practice navigating their online Pub 17 to get used to it prior to the test by using their Tutorial.
Comment
-
Just show up
Don't waster time or money. Just show up and use common sense and logic to answer the the 230 questions.Comment
-
I have been doing taxes for 20 years. I took the exam in January, 2012, figuring, if I failed, I would have an idea what to bone up on. Lo & behold, I passed. My only recommendation, as others have said, is take a look at pub. 230. Good Luck....Comment
-
As an EA and having to acquire the Ethics hours each year, the Circ 230 is your answer. If you understand all of that "really dry material" you should be good to go.
My experience on the Ethics CPE - is that most all of the "classes" providing material and charging you for the fee - all questions/answers are derived from Circ 230.
SandyComment
-
My understanding is that Circular 230 is NOT available as a reference during the RTRP exam. Study for that part as a closed book exam.
Also, the frequent comment from those I know who have taken the exam and passed is that it was much easier than they had imagined it would be.
EA in Calif.Comment
-
I agree with the central theme here. I would recommend reading through Circular 230 before taking the exam, but if you have been preparing taxes for a few years, don't waste your time studying anything else. And especially don't waste your valuable time and money on one of the zillions of exam prep courses offered. I took the test last month and passed, and the only studying I did was reading through Circular 230 the night before.Comment
Comment