IRS Has Published Final Regulations

In TD 9527, the IRS issued final regulations, effective on August 2, 2011, that make the designation Registered Tax Return Preparer (RTRP) official.  As you may have seen in other communications, to become a  RTRP, preparers must meet the following requirements:

1. Possess a current or otherwise valid PTIN.
2. Pass a minimum competency exam.
3. Pass suitability and tax compliance checks.
4. And to continue to hold the RTRP designation as time passes, meet continuing education requirements
1. Fifteen hours per year
2. Of which, three hours are federal tax update, and
3. Of which, two hours are tax ethics.

The IRS has also issued Notice 2011-45 that makes it clear that no one can hold themselves out as a "Registered Tax Return Preparer" at this time.  To call yourself an RTRP, you must first meet the above requirements.  Since the exam is not yet available, no one has yet met the requirements.

We expect the exam to be available in the near future, sometime this fall.