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The following is a guest blog post by Keith Grant, Manager, Sales Training at PrimePay.
Did you know that beginning in 2011, any tax return preparers, who prepare Federal tax returns for compensation, will be subject to new requirements?
The proposed new requirements for tax return preparers include registration, testing and continuing education. According to the IRS website "These initiatives will take time to implement and are not yet in effect. Proposed and final regulations are necessary for implementation of many of these recommendations, and further information will be available as these are developed."
So what are the benefits of doing this? The IRS states that "With more than 80 percent of American households using a tax preparer or tax software, higher standards for the tax preparer community will significantly enhance protections and service for taxpayers, increase confidence in the tax system, and result in greater compliance with tax laws over the long term."
Here's an explanation of the requirements from the IRS website:
The IRS provides several ways to learn about these new requirements...
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