First Round of TPIN Competency Exams Are Now Graded by the IRS
The IRS recently began notifying tax preparers who took the Tax Return Preparer Competency Exam as to whether they passed or failed. Preparers who passed the exam (which required 350 out of a possible 500 points (presumably 70%) must also pass a tax compliance check (which should be completed within a month of notification of passing the competency exam); if all goes smoothly, the preparer will receive a certificate from the IRS which designates them as a Registered Tax Preparer. Tax preparers which have not passed the Competency Exam or separately the Enrolled Agent/Special Enrollment Examination, CPA Exam or bar exam (for attorneys) will not be legally able to prepare tax returns for fee after December 2013.
Unless you were one of the paid tax preparers who took this round of the competency exam, the most useful information out of this IRS announcement is the 70% pass criterion. If you plan to take the competency exam, make sure to remember that the exam will NOT be available during the first two weeks of March.