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.