Monday, May 14, 2012

Training for the Tax Preparer Exam

The IRS has gradually released information about the new tax preparer exam. This permits study planning for anyone working as a tax practitioner or planning to do so.
The tax preparer exam of the IRS affects both experienced tax professionals and new entrants to the field. Passing of the competency examination is required to become a tax preparer. Training courses are available that provide the necessary knowledge. Those needing flexible course schedules prefer online study courses. Online courses can be accessed at anytime from anywhere with a wi-fi connection. The convenience of online study makes preparation for the exam a breeze instead of a burden.
There are actually several competency exams planned for tax preparers by the IRS. Different topics are covered by the various exams. Each study course therefore must target the in-depth information needed to pass a specific IRS exam. Online courses to review the material on a particular exam provide valuable training for both new tax practitioners and experienced tax preparers.
The IRS has implemented initial plans to have two test options for the basic competency exam. One of these is a test that covers proper preparation of an individual income tax return with basic wage reporting and no business activity. The second test addresses the same subjects as the first one but also covers business activities on Schedules C, E, and F as well as the topic of depreciation. A passing score on the second IRS exam is required to obtain tax preparer certification for professional involvement with individual tax returns having business interests.
The IRS has indicated an intention to introduce a third type of exam in the future. This competency exam is intended to qualify tax preparers for business returns of non-individuals, such as partnerships and corporations. The knowledge needed to conquer testing for each of these tax returns demands a distinctive tax class for various nuances of the subjects.
A Registered Tax Return Preparer should arrange a study course for the IRS exams well in advance of a testing date. Registration for an online course allows for study at convenient times that don't interfere with a present work schedule. Login information is sent within one day of registering so that beginning the course starts right away. Courses have automatic grading and instructional feedback permitting students to work at their own pace. In addition, online courses have student forums where questions and responses are posted. Online instructors are also available to reply to questions via email.
An online income tax course is the surest way to obtain the training and confidence to pass a tax preparer competency examination of the IRS.
IRS Circular 230 Disclosure
Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.
Fast Forward Academy is a leading publisher of education for tax preparer exam and tax professionals. Access to free questions for the become a tax preparer is available on their website.