As busy season comes to a close, here are two articles EAs or EA candidates, and RTRP candidates may find interesting:
RTRP Blog Posts & Updates
As busy season comes to a close, here are two articles EAs or EA candidates, and RTRP candidates may find interesting:
According to the IRS:
As of Friday, January 18, 2013, the United States District Court for the District of Columbia has enjoined the Internal Revenue Service from enforcing the regulatory requirements for registered tax return preparers. In accordance with this order, tax return preparers covered by this program are not currently required to register with the IRS, to complete competency testing or secure continuing education. The ruling does not affect the regulatory practice requirements for CPAs, attorneys, enrolled agents, enrolled retirement plan agents or enrolled actuaries.
The Internal Revenue Service, working with the Department of Justice, continues to have confidence in the scope of its authority to administer this program. It is considering how best to address the court’s order and will take further action shortly. In the meantime, please remember to check the webpage at www.irs.gov/taxpros. As additional information becomes available, it will be posted there.
On January 23, 2013 the IRS filed a motion to suspend the injunction entered on January 18, 2013. The IRS stated in this motion that they intend to file an appeal within 30 days.
The IRS has suspended all testing at this time. Therefore, even if you have paid all fees and/or scheduled your test date, you will not be able to take the RTRP Competency Test. As of January 24, 2013, the IRS has not commented on refunding any testing fees paid.
Continue to take your 15 hours of continuing education (CE). While CE is voluntary right now, it may be required again if the IRS is able to appeal the decision with the court and reinstate the program in its original form.
Consider upgrading your RTRP system to the EA system (special rates are given for previous RTRP customers). The EA designation gives you many of the same rights as the RTRP designation. If you take the EA exam, you will have no need to take the RTRP exam (other than for marketing purposes) if it is reinstated. You can learn more about the EA exam and Gleim EA Review Systems.
Many candidates are choosing to finish their review of the RTRP course, understanding it covers content the IRS expects tax professionals to be current on. Many candidates are also choosing to complete their CE to stay up to date and increase their knowledge.
Team Gleim is here to help answer your RTRP exam and RTRP CE questions. We can also advise you on whether or not you should consider taking the EA exam. Please email us at firstname.lastname@example.org or call 800.874.5346.
Written By Guest Blogger Danielle C.
I feel good this week, and I have a lot of motivation moving forward! I know this may sound crazy, but I have decided to study for the RTRP. I have decided to pass the RTRP exam because it is focused more on individuals. Studying for the RTRP will also help me be better prepared for the EA exam. I feel like it will help me to have both certifications! It also includes the CE credit hours that I need. My plan is to pass both tests by the end of the year. However, if it comes down to the wire, I will push the EA exam back to late January. I am very excited and very motivated, especially now that I have a date in mind. I will let you know in a few weeks if I recommend this path or if I’m just in way over my head.
I went back to Study Unit 9: “Business Property, Related Parties, and Installment Sales.” For some reason, this study unit is just not sticking. I understand the key concepts, but the little details are what keep getting me. When I finish studying, I feel good about it. When I go back to review it, I feel discouraged because I get it wrong. Study Unit 7: “Basis” is the same way. When I finished studying it, I felt good about it. When I went back to review, I tended to get those questions wrong too. I haven’t gone back yet to re-study it, but I plan to do that this week. I hope to get the last few study units finished this week. That way, when I am studying for the RTRP, all I have to do is review the material, concentrate on my problem areas, and try to get all the details down!
I hope your studies are going well!
Individuals who apply for a Preparer Tax Identification Number (PTIN) after October 15, 2012, and request a 2013 PTIN do not have to complete their Continuing Education (CE) in 2012 as long as they do not prepare tax returns for compensation in 2012. They can use this 2013 PTIN to take their Registered Tax Return Preparer (RTRP) exam before December 31, 2012, if they choose. This means that the applicant may take the RTRP exam in 2012 regardless of which year PTIN has been requested.
Dr. Gleim, CEO of Gleim Publications, recently sent a letter of inquiry to Commissioner Shulman at the Internal Revenue Service (IRS) regarding PTINs and CE credit. The letter asked for confirmation regarding the CE requirements for PTIN applicants who apply between October 15, 2012, and December 31, 2012. Dr. Gleim states, “Given the number of tax return preparers who have not yet passed their RTRP exam, especially the ones who have tax season coming soon, I thought PTIN applicants should have some relief and be able to take the exam in 2012 but not have to complete CE in 2012 unless they prepare taxes for compensation in 2012.”
According to the IRS, “individuals applying for a PTIN after October 15th and before December 31st are asked if they are applying for 2012 or 2013.” If applicants select 2012, the required 15 hours of CE will need to be completed on or before December 31, 2012, and they may prepare tax returns for compensation in 2012. If applicants select 2013, the CE will need to be completed on or before December 31, 2013, and they may not prepare tax returns for compensation until January 1, 2013.
This impacts all tax preparers who have not yet applied for their PTIN or sat for the RTRP exam. For those candidates who still need to take the RTRP exam, Dr. Gleim recommends taking it now, even if they don’t plan to practice until 2013. Doing so will give candidates three extra months in which to take and pass the exam and allow them to complete it before tax season. Dr. Gleim explains that “The Gleim RTRP Review System users who apply for a PTIN after October 15, 2012, and choose the 2013 application should take their End of Course test, the Tax Update CE course, and the Ethics CE course in 2013 rather than in 2012 to get 15 CE credits to count toward 2013 CE requirements.”
The Gleim RTRP Review System is the most comprehensive system for RTRP candidates to use. It is designed for utmost efficiency and can prepare you for the exam with only 25 hours of study time. “From our personalized service to our extensive question bank and study guidance, candidates will be 100% prepared to pass the RTRP exam,” Dr. Gleim confirms. As long as candidates complete the review course in its entirety, waiting until 2013 to complete the CE requirements in the Gleim RTRP Review System will not hold RTRP candidates back from passing the exam in 2012.
RTRP candidates with any questions should contact Gleim Publications for more information regarding the RTRP exam, CE credit, and applying for PTINs. They may also click here to create a free account and try the demo of the RTRP Online Course.
Gleim has recently added a comprehensive bank of questions and answer explanations to the online Gleim RTRP Review System. With the addition of RTRP Question Bank Online, the Gleim RTRP Review System provides the most extensive course to prepare candidates for the RTRP exam. Alternatively, the RTRP Question Bank Online may be purchased separately to suit your individual study needs.
Candidates who have already purchased the RTRP Review System are eligible for full access to this new question bank in their online classroom (no additional purchase is required). Just call your Personal Counselor to have the new Gleim RTRP Question Bank Online added today!
Gleim RTRP Question Bank Online is an intuitive, easy-to-use online platform that features over 1,200 true/false and multiple-choice questions that emulate the actual RTRP exam. Candidates can customize their testing experience by creating quizzes with as many or as few questions as they like. In addition, this test preparation tool allows candidates to create either a Study Session or a Test Session. A Study Session gives the candidates the chance to receive immediate feedback (in the form of thorough answer explanations) on their responses. In other words, Study Sessions allow candidates to study as they go. A Test Session provides candidates with the opportunity to work the questions as if they are sitting for the RTRP exam: no answer explanations will be shown until after the session has been graded. In addition, we provide the same links to reference materials that you will see on the actual exam because practice using Publication 17 to research answers is essential. Test Sessions are great for assessing performance on a current topic or getting in some final exam practice before test day.
Another exciting feature of the Gleim RTRP Question Bank Online is the Performance Analysis tool. This online report shows candidates their complete performance history in multiple easy-to-understand formats. Viewing the Performance Analysis after each quiz allows candidates to see their weak areas and determine where more study is needed.
Gleim is here to help you pass! We have an on-site team of accounting experts ready to answer content-related inquiries for all of the questions in the bank. Our Question Feedback service is accessible via a link that is present on every question.
Best of all, the Gleim RTRP Question Bank Online is available anywhere you have online access. It works for both Mac and PC operating systems as well as tablets and smart phones, which allows candidates the most flexible studying possible.
The Gleim RTRP Review System Includes:
*Extensive question bank with thorough answer explanations
*Informative Audiovisual presentations
*Exam-emulating true/false and multiple-choice questions
*Printable outlines with comprehensive coverage of topics and illustrative examples
*A 15-hour package of Continuing Education (CE) Credit to fulfill your
*Full-length, timed Practice Exam
*Diagnostic Quiz for initial knowledge assessment
*Knowledgeable Personal Counselor to guide you through your studies
*Efficient Technical Support team
Pass your RTRP Exam today with the Gleim RTRP Review System!
If you are planning on becoming a tax preparer or are already a tax preparer, there is a wealth of information in this article regarding tax preparers and how to become one.
This article details everything for individuals just starting out, to those already preparing taxes. Information is also listed about Continuing Education (CE) and how to obtain those credits.
Most importantly, tax season is right around the corner, so make sure you know about tax preparation and the requirements to be a tax preparer before tax season begins. There are certain requirements that now must be met in order to prepare taxes.
Good luck tax preparers on finishing any certifications and having a smooth tax season next year!
Written By Guest Blogger Shelley C.
This week I dislocated a few ribs in my back and found myself with limited mobility and in a lot of pain. Studying was not high on my priority list. I realize we are all going to have these experiences in our journey, and I found myself spending less time studying. I liked the true/false questions better than the multiple-choice questions as it allowed me to focus on two items instead of four. I also listened to the audio of the study unit I am presently studying over and over. I think that by doing this my subconscious will kick in and play back in my head the voice of the recording.
It is too easy to beat myself up for not staying on track with my study schedule. This does not help me to feel confident or to have courage to pick up where I left off and move ahead. I think this is why it is so important to set study goals that are manageable and obtainable with the possibility of setbacks built in. It seems that everything I have accomplished in my life has come from steady, consistent, persistent movement forward. To get behind on my study schedule and then beat myself up because of it sucks the air out of my sails and stops my forward movement. This is where I look back on my personal experiences and have faith in the “system”. By the “system” I mean, making and planning goals and then working consistently toward them.
As I was training for my first marathon, I was overwhelmed by the thought of completing a race of 26.2 miles. That certainly seems like an astronomical number when I have been running merely four or five miles a day. But when I mapped out each week, it seemed to be more palatable. Then when I went onto the next week and added more hours, my confidence began to strengthen. A friend of my told me that running the marathon is the icing on the cake…. The cake is in the daily exercising. Even though I’ve had a week of setbacks, I remember that the icing on the cake is to pass the test. The opportunity to strengthen my confidence, my study habits, and my knowledge, and to discipline myself with a regular schedule, is far more important in the long run. Have a great weekend! And if you find a setback in your study schedule, jump right back in and enjoy the journey.
Good news RTRP candidates! The Gleim RTRP Review System now includes 15 hours of continuing education credit!
Passing an End of Course Test in the Gleim Online course qualifies you to receive the 10 hours of CE credit for federal tax law topics required of all RTRPs annually.
You can also receive an additional 3 hours of federal tax update CE credit and 2 hours of tax ethics CE credit by completing the optional CE courses included at the end of the Gleim Online RTRP Review Course for a total of 15 hours of CE.
Have you already completed the RTRP Review through Gleim? Don’t worry; as long as your Gleim Online Access is still active, you can log in and take these additional CE courses to get the additional 5 credit hours.
Questions? Contact 800.874.5346 or contact us here!
This offer is available to non-IMA members who purchase the Gleim CMA Review System. You will receive a special code that exempts you from the IMA Membership Fee (first year) and the ICMA Entrance Fee. This is a savings of up to $435!
To place your order immediately, visit http://www.gleim.com/IMAFeeSpecialOffer.
If you are already an IMA member or already a CMA, congratulations! Please help us expand the IMA and CMA program with this special initiative. Tell your friends and colleagues who are not already IMA members about this limited-time offer and help them jump-start their accounting careers.
If you are already certified or not a management accountant, perhaps you have friends, colleagues, or students who might be interested in pursuing the CMA. This special offer will help them pass the CMA exam quickly and save money in the process.
This offer will only be available for those who purchase the CMA Review System for both parts together by 4:00 p.m. EST on July 31. The code must be used by midnight on July 31. The agreement between Gleim and the IMA does not permit any extensions to this deadline.
Take our RTRP Diagnostic Quiz (click on link to the left) and identify your weak areas!
The Gleim RTRP Diagnostic Quiz provides a representative sample of 40 multiple-choice and true/false questions to identify your strengths and any weaknesses before you start or while you are preparing for the RTRP exam.
It also provides you with the actual exam experience, i.e., what you will encounter when you take the RTRP exam at Prometric.