Posts tagged: RTRP Exam

The RTRP Exam and RTRP CE Requirements Are Currently Suspended

January 29, 2013, by No comments yet

 

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.

What If I Already Paid To Take The RTRP Exam?

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.

What You Should Do Now

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.

Do You Have Any Questions?

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 accountingteam@gleim.com or call 800.874.5346.

 

Summary Of The American Taxpayer Relief Act of 2012

January 8, 2013, by No comments yet

 

 

 

On January 1, 2013, the American Taxpayer Relief Act of 2012 was passed by the Senate and the House of Representatives.

 

Candidates preparing for the 2013 version of the RTRP or EA exam (ie, the RTRP exam that will be given beginning April 16, 2013, and the EA exam that will be given beginning May 1, 2013) should be aware of the more significant changes (only items 1-3 in the last paragraph will be testable in 2013.  The rest of the items, while not testable in 2013, are important items to know, especially for candidates currently preparing tax returns) which include:

1. Individuals who make under $400,000 a year ($450,000 for joint filers):

  • Will generally not be affected by rate changes. Tax brackets will remain at 10%, 15%, 25%, 28%, 33%, and 35%. (In addition, the marriage penalty relief has not been changed and will continue.)
  • Will continue to have dividends taxed at capital gain rates. The 0% rate will still apply to the lowest two tax brackets.

2.  Individuals who make more than $400,000 a year ($450,000 for joint filers):

  • Will be subject to a new 39.6% tax bracket.
  • Will have qualified dividend and capital gain rates taxed at 20%.

3.  Social security payroll tax for employees will increase to 6.2% (previously at 4.2%).

4. The AMT exemption has been made permanent and will allow many taxpayers to avoid paying AMT. The increased exemption amounts for 2012 are $50,600 for unmarried taxpayers and $78,750 for taxpayers filing jointly. These amounts will be indexed for inflation.

5. Personal exemptions and limitations on itemized deductions for individual taxpayers who have adjusted gross income exceeding $250,000 ($300,000 for joint filers) now face the reinstated phase-out.

Changes candidates need to be aware of for 2013 testing:

  1. The following deductions and credits have been extended: state/local sales tax deduction, child tax credit, adoption credit, American Opportunity Tax Credit, educators’ classroom expense deduction, and the non-business energy property credit.
  2. The $5 million exemption for estate, generation-skipping transfer (GST), and gift taxes has been permanently extended. These exemptions will be indexed for inflation. Top estate, GST, and gift tax rates increase to 40% (previously 35%). Spousal portability is permanent.
  3. Many credits for businesses have been extended. The most notable business credit extended is the Work Opportunity Tax Credit, which is now available through the year 2013. Section 179 depreciation deduction of $500,000 and the bonus depreciation of 50% have also been extended. Leasehold improvements will continue to have a 15-year recovery period.

 

 

Gleim encourages you to have a familiarity with the above changes to help with your professional career.

 

 

 

After Applying For My PTIN, When Is My CE Due? When Should I Take The RTRP Exam?

October 22, 2012, by No comments yet

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.

 

Contact Information:

Sales

sales@gleim.com

(800) 87-GLEIM

 

 

Announcing Gleim Question Bank Online For The RTRP Review System!

October 16, 2012, by 1 comment

 

 

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

annual requirement

*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!

 

-Team Gleim

 

Thinking of Becoming a Tax Preparer? Already a Tax Preparer?

October 5, 2012, by No comments yet

 

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!

-Team Gleim

 

The Gleim RTRP Review System Now Includes 15 Hours of CE Credit!

September 6, 2012, by No comments yet

 

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!

 

 

NEW Free Diagnostic RTRP Quiz!

June 18, 2012, by No comments yet

 

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.

 

On Moving and Gleim

June 7, 2012, by No comments yet

 

Written by Guest Blogger YL.

I signed up for Gleim before I knew we were moving 1,000 miles away.  Gleim is so gripping and challenging that even all the excitement of moving and unpacking did not distract me.

 

I am normally a marathon person, but I have discovered that the mandatory breaks caused by moving have actually contributed to my retention of information.  Does it need to percolate for a while?  I don’t know; maybe I should ask Dr. Gleim.  Whenever I ask a question, I get an answer back really fast.  I love that feature of this program!

 

Now back to studying…

My thing with 100%

June 5, 2012, by No comments yet

 

Written by Guest Blogger YL.

I have been moving my household to another state and trying to study for the RTRP Exam at the same time. I think it must be affecting my brain because I just can’t keep those form numbers straight!! So I decided that I needed to buckle down and master this thing. I want to get 100% on everything – whatever it takes. I love that kind of motivation because it keeps me looking for a higher understanding.

Those crazy form names kept tripping me up, and I missed several of them. I decided that I would take that final quiz as many times as necessary to get that information into my head! I will not tell you how many times it took, but I have 100% on all my work so far! In the meantime, I am understanding it so much better. Each time I listen to the information, each time I work in the Gleim learning environment, I become much more familiar with the material. Thank you Gleim!

 

Welcome New EA Exam Blogger Chris!

May 30, 2012, by No comments yet

 

My name is Chris V. and I live in beautiful Boise, Idaho. I am the proud father of four great kids ranging in ages from 21 to 7. I have a great and supportive wife named Amanda.

My working career has included some pretty interesting experiences. I joined the Navy right out of high school and attended Naval Nuclear Power School. After about two years of intense math and science, I was stationed aboard the USS Michigan. When I got out of the military eight years later, I went to work for the power company in Idaho. After several years, I decided that I wanted to go back to school and get a degree.

In 2004, I began attending Northwest Nazarene University. I was working at the Idaho State Tax Commission and thought a business administration degree would help me in my tax administration career. About a week before graduation, I was told by the department head of the Audit department that if I ever wanted to work for her, I needed an accounting degree! So, I decided not to graduate that spring and to pursue my BS in accounting. I was able to convince NNU that they should allow me to enter the MBA program even though, at that point, I did not have a bachelor’s degree. Since I had met the requirements to graduate with a business administration degree, they agreed to let me begin my MBA.

In 2008, I was able to earn both a BS in Accounting and a Master’s in Business Administration. I graduated cum laude in Accounting and with honors in my MBA program. I got both degrees on the same day, a first for a NNU student!

Currently, I am preparing tax returns and doing business accounting for a small firm in Boise. After much contemplation, I have decided to pursue my Enrolled Agent Status. I had at first considered taking the CPA exam, then briefly considered taking the Registered Tax Return Preparer exam. I believe the EA is the best alternative because it will allow me to specialize in taxes and to help more clients than would be possible with only the RTRP designation. I enjoy working with clients and helping them make well-informed decisions regarding their taxes.

I look forward to sharing my study experiences with you over the next few months as I prepare to take the EA exam.