OK, so in June this is probably more interesting to those of us who work in this industry than the average taxpayer....
It has been an interesting week in learning more about the IRS changes for tax return preparation. For those a bit behind the curve, this past January the IRS announced that beginning on January 1, 2011, only those registered with the IRS could prepare a tax return for hire. And registration was not coming at a simple price.
There are two significant changes for tax return preparers beyond basic registration (which almost all legitimate preparers had already done) which will now require a fee. The first is the requirement to take a test and actually prove you know what you're doing. That will be a big win for the taxpayer.
The second is required CE or continuing education. This doesn't sound like too big of a deal with all of the fluff continuing education available today. "But wait - there's more!" Beginning in January the only education that will be accepted is that which has been carefully analyzed by the IRS and approved as suitable. And instructors must be vetted as well. More wins for the taxpayer.
The challenge will be whether or not the IRS can get up to speed on education review by then. It could become a bit of a temporary nightmare for those of us in the industry. Many of us take update courses in January, and we expect those to address the changes Congress seems to make every December. How will instructors digest the new bills, update their materials, and then get those approved by the IRS in such a very short window? That will be a problem for the tax practitioners....
But every taxpayer continues to win, win, win!
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