The IRS has released the latest statistics on the return preparer regulation regime, with data current as of January 3, 2013.
Of the 744,658 individuals with a current PTIN, 320,172 still need to sit for and pass the RTRP test.
While these PTIN-holders have a year to pass the test, until December 31, 2013, let’s be honest. No serious tax preparer has the time to take the test until after the April 15th filing deadline. So that leaves 8½ months.
So Prometic will need to provide a testing opportunity for 753 individuals per week in each of the 50 states. Is that physically possible?
While the thought among fellow tax-bloggers is that the IRS will not extend the deadline, I still ask if the Service will force 100,000-200,000 tax preparers out of business. This would be disastrous for all parties – the IRS, taxpayers, and the tax pro industry.
The only solution is grandfathering!