Reminders, Reminders, Reminders!

Tuesday, March 1, 2011 - 5 comments

Change is here and more is to come. Learn it, recite it, tie a string around your finger—do whatever it takes to remember…

New PTIN Requirement—As of January 1, 2011, CTEC-registered tax preparers (CRTPs) cannot prepare federal tax returns or register with CTEC unless they have a valid Preparer Tax Identification Number (PTIN) from the IRS.

Got a PTIN question? Call the IRS hotline (877) 613-7846 or visit www.irs.gov/taxpros.

Continuing Education Revision—Part of the new IRS regulations will require nonexempt tax preparers (including CRTPs) to complete 15 hours of federal continuing education (CE) each year. CTEC plans to conform its federal CE requirements to the IRS’, but to do so will take a legislative change to the Tax Preparer’s Act. If the legislation passes, the new CTEC hours (15 hours federal and 5 hours state) should take effect January 2012. 

Late Fee Increase—Effective November 1, 2012, the CTEC renewal late fee will increase from $15 to $55.  The goal is to try and stop CRTPs from renewing late. Unfortunately late renewals are an issue each year, which is why the council decided to create a stricter policy.

Late Renewal Change—Starting January 15, 2013, CTEC will shorten its grace period for late renewals from 12 months to 10 weeks. CRTPs who fail to renew their registration by January 15^thof each year will be forced to re-take the 60-hour qualifying education course, pass a competency exam from an approved education provider and register as a new CRTP.

 

Like the changes? Dislike the changes? Have a question? Come to the next CTEC board meeting. The council will discuss enforcement, IRS regulations, the advertising campaign, education requirements, budgets and the list goes on and on. 

The next CTEC board meeting will be May 19-20, 2011 in Sacramento. Call the CTEC office at (877) 850-2832 for details.

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