Required IRS Tests and Annual Continuing Education Will Increase Demand for Tax Courses & Seminars
On January 4, 2010 the IRS announced its decision to regulate tax preparers and require competency tests, plus annual Continuing Professional Education (CPE). According to the IRS, higher standards will boost service and protections for taxpayers, increase confidence in the system and yield greater compliance with tax laws.
The Virginia Community College System (VCCS) will meet the increased demand for tax preparer training through an agreement reached with The Income Tax School, Inc. (ITS) to provide e-learning courses from ITS in tax preparation, as well as student texts and instructor guides for classroom instruction by college faculty members.
Initially, the new rules will require the IRS estimated 900,000 to 1.2 million “unenrolled” tax preparers to register and undergo screening by IRS. Tax preparers will then be tested for basic competency to be allowed to practice and must also complete 15 hours of annual professional education in tax and ethics to continue to practice. Previously, tax preparers have been regulated only in California and Oregon.
Individual tax preparers and tax businesses will be seeking tax preparation courses in order to ensure they have the up-to-date knowledge necessary to pass the IRS exam. “This development will greatly increase demand for our e-learning programs and instructional material in tax preparation,” said Chuck McCabe, CEO of The Income Tax School. “Tax preparers rely on tax preparation software to handle tax calculations,” he explained, “and many preparers do not have adequate knowledge of underlying tax laws to pass the IRS Exams.”
The Income Tax School, Inc., formerly a division of Richmond, VA-based Peoples Income Tax, Inc., has been teaching tax preparation courses for 20 years and has trained thousands of tax preparers from around the country. “We currently provide tax preparer training for a number of colleges nationwide and have seen increased interest from many others since the IRS announcement,” said McCabe.
“The Virginia Community College System is excited about partnering with The Income Tax School” said Mindy Fast, Coordinator of Customized Training and Continuing Education. ”Each community college now has the tools to provide high quality training to tax preparers and offer continuing education required by the IRS. “
McCabe noted, “The IRS will initially exempt EAs, CPAs and attorneys; however, our graduates have greater knowledge in individual and small business tax preparation than CPAs and attorneys who do not specialize in these areas of taxation, and they have passed our comprehensive tax course exams.”
In anticipation of the surge in demand, The Income Tax School is developing added curriculum and increasing its marketing as it solidifies its position as the national standard for tax preparer training.
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About The Income Tax School:
The Income Tax School was formed in 1990 as a division of Peoples Income Tax, Inc. which was founded in 1987 by Chuck McCabe who serves as President and CEO. On May 1, 2010, The Income Tax School, Inc. was formed as an independent legal entity. The School currently offers 40+ income tax training courses online, ranging from 3 hour CPE programs to 30-60 hour courses, plus a six-course 180-hour Chartered Tax Professional-CTP® certificate program. The School’s tax preparation course student texts and instructor guides are used by tax, accounting and financial services firms that provide in-house tax training, as well as by many colleges and career schools. The Income Tax School has the Internet infrastructure and distribution channels to become a significant national player in the growing professional career education industry. Complete information about The Income Tax School and course offerings can be found at the school’s website: http://10.0.1.19:8888
About Virginia’s Community Colleges:
Created more than 40 years ago, Virginia’s Community Colleges are 23 individual schools located on 40 campuses across the Commonwealth. More than 400,000 students take classes at one of Virginia’s Community Colleges. Together the colleges enroll more than two-thirds of the total public undergraduate population in Virginia. For more information, please visit: www.myfuture.vccs.edu.