Wiley Registered Tax Return Preparer Exam Review 2012

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9780470905616: Wiley Registered Tax Return Preparer Exam Review 2012
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The most effective system available to prepare for the new Tax Return Preparer Competency Exam

In recent years, the role of third party assistance in tax return preparation within the United States has become more significant. To acknowledge this trend, the IRS is strengthening partnerships with tax practitioners, tax return preparers, and other third parties in order to ensure effective tax administration that adheres to professional standards and follows the law.

Beginning in 2011, tax return preparers are required to pass a competency test to officially become registered tax return preparers. The Wiley Registered Tax Return Preparer Exam Review Book 2012 has been designed with this in mind and is the perfect guide to help you pass this comprehensive test. The course, complete with extensive exercises and a final exam review, will provide you with a solid foundation on the subject of taxes, and the preparation of an accurate and complete income tax return. Along the way, it covers specific tax issues you need to be familiar with, including tax theory and law; conducting a thorough client interview; and offering tax advice and explanations to clients.

  • Helps you zero in on areas that need work, organize your study program, and concentrate your efforts
  • Provides paid tax return preparers who are not enrolled agents, attorneys, or Certified Professional Accountants (CPAs) with the individual taxation information they need to pass this competency test
  • Covers the major parts of the exam and how to approach each one

Informative and insightful, the Wiley Registered Tax Return Preparer Exam Review Book 2012 will put you in the best position possible to pass this important exam.

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From the Back Cover:

Wiley Registered Tax Return Preparer Exam Review

If you are a professional tax return preparer but not an attorney, Certified Public Accountant, or Enrolled Agent, you are now required to pass a competency test known as the Registered Tax Return Preparer (RTRP) exam administered by the IRS. The exam covers all of the basic tax laws and filing requirements that a return preparer needs to know to complete a 1040 series return and its associated forms and schedules. Your career as a preparer depends on passing the exam, and the Wiley Registered Tax Return Preparer Exam Review has been designed with this in mind. It is the perfect guide to help you pass.

This study guide, complete with review questions, examples and explanations, and test-taking tips, will provide you with a solid foundation to pass the RTRP exam. Complete and comprehensive, this guide covers:

Practices and Procedures

  • Penalties to be assessed by the IRS against a preparer for disregard of the rules and regulations

  • Furnishing a copy of a return to a taxpayer

  • Safeguarding taxpayer information

Treatment of Income and Assets

  • Taxability of wages, salaries, tips, and other earnings

  • Reporting requirements of Social Security benefits

  • Determination of basis of assets

Deductions and Credits

  • Medical and dental expenses

  • Types of interest and tax payments

  • Child and dependent care credit

Other Taxes

  • Alternative Minimum Tax

  • Self-Employment Tax

Preliminary Work and Collection of Taxpayer Data

  • Collecting a taxpayer's filing information and determining their status

  • Determine filing requirements, including extensions and amended returns

  • Personal exemptions and dependents

Completion of the Filing Process

  • Check return for completeness and accuracy

  • Tax withholding, payment and refund options, and estimated tax payments

  • Explaining and reviewing the tax return

Ethics and Circular 230

  • Limits on practice by a registered tax return preparer

  • Preparer's due diligence for accuracy of representations made to clients and the IRS

  • Sanctions that may be imposed under Circular 230

Over a million Americans make money preparing taxes every year—and you can become one of them by passing the RTRP exam. Let the Wiley Registered Tax Return Preparer Exam Review be your guide.

About the Author:

The Tax Institute at H&R Block is the company's independent research division, providing expert tax assistance and interpretation of tax law. The Tax Institute combines H&R Block's world-class training experience with the knowledge of the company's credentialed tax experts to create a unique exam review based on extensive resources from nearly 60 years in business, 550 million tax returns prepared, and more than 100,000 tax professionals trained each year. For more information, visit www.thetaxinstitute.com.

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