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Wiley Registered Tax Return Preparer Exam Review 2012
ISBN: 978-0-470-90561-6
February 2012
552 pages
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.