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IRS Proposal for Preparer Tax Identification Number Requirement

Mar 01, 2010

In March 2010, the Internal Revenue Service (IRS) requested comments on proposed regulation regarding assigning unique identifying numbers to tax return preparers. In the proposal, the IRS indicated that requiring all paid tax return preparers to register and receive a preparer tax identification number (PTIN) is necessary to allow the IRS to identify tax return preparers and track the tax returns and refund claims associated with them.

On April 26, 2010, CFP Board submitted a comment letter supporting the IRS’s efforts to register all paid tax return preparers, given taxpayers’ increased reliance on paid tax return preparers and the important public policy concern for ensuring consumers have access to competent and ethical tax return preparers, but raising specific concerns about the proposed regulation and the related competency testing and continuing professional education (CPE) requirements that the IRS acknowledged as forthcoming. In the letter, CFP Board encouraged the IRS to consider providing CFP® professionals with the same exceptions to competency testing and CPE requirements the proposal affords to attorneys, CPAs, and enrolled agents, citing the rigorous testing and CPE requirements already part of the CFP® certification requirements.

Read CFP Board’s letter (PDF, 75KB)

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The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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