Paid tax preparers, those that don’t have the CPA credential, lawyers or an unrolled agent, now can schedule their minimum competency exam.
This exam will be an open book, it will consist of 120 multiple choice and true false questions. Test takers will have two and a half hours to complete the exam. It will also only cover individual returns.
The IRS was looking at adding a fingerprinting requirement for this group but has placed it on hold for now.
I caution all to be careful whom they have do their taxes. For those prepares who make multiple mistakes on Schedule A, C and E, get their client additional scrutiny. In other words, audits.