The Internal Revenue Service has released a set of proposed regulations expanding the list of tax return preparers who may obtain and renew a Preparer Tax Identification Number.
The proposals incorporate provisions from a notice issued last year, Notice 2011-6, which provides for two additional categories of tax return preparers who can obtain a PTIN, namely, certain supervised tax return preparers and preparers who prepare tax returns and claims for refund that are not covered by a competency examination.
In the first category, the proposed regulations provide that any individual 18 years of age or older is eligible for a PTIN if the individual is supervised as a tax return preparer by an attorney, CPA, enrolled agent, enrolled retirement plan agent, or enrolled actuary authorized to practice before the IRS under Circular 230. The proposed regulations provide that the supervision must be in accordance with any requirements the IRS may prescribe, currently set forth in Notice 2011-6.
As for the second category, the proposed regulations provide that any individual 18 years of age or older is eligible for a PTIN if the individual exclusively prepares tax returns and claims for refund that are not covered by any minimum competency test or tests that the IRS prescribes for registered tax return preparers. To be eligible for a PTIN, an individual must certify, at the time and in whatever manner the IRS may prescribe, that the individual only prepares tax returns and claims for refund that are not covered by a minimum competency test. Under the proposed regulations, the individual must also comply with any other eligibility requirements that the IRS may prescribe, which are currently set forth in Notice 2011-6.
The IRS is accepting comments on the proposed regulations. They can be sent electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG-124791-11).
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