The costs are in for the unenrolled return preparers. They will have to stick their hands in their pockets for two new user fees to the IRS; $33 for fingerprinting and $27 to take the competency exam. These levies cover only the Service’s costs and don’t include what the fingerprint firm and the examination provider will charge. The estimated total fee for fingerprinting will be between $60 and $90, while the full exam cost is expected to range from $100 to $125.
Fingerprinting and the competency test are now mandatory for preparers of Form 1040-series returns who aren’t attorneys, CPAs or enrolled agents.
Nonsigning preparers who are supervised by a lawyer, CPA or an enrolled agent are exempt from the competency test but not fingerprinting.
Also unenrolled preparers will have to pay for continuing education classes, licensed CPA’s have been doing this for decades to stay on top of tax changes (I usually get 28 – 30 hours of CPE in tax alone).
Starting in 2012, they’ll have to complete 15 hours’ worth a year…at least 10 of them on federal tax law topics, three on federal tax law updates and two more on ethics.
Who do you have doing your taxes?