June 5, 2012 marked the 3rd anniversary of the IRS’ return preparer initiative. The purpose of the initiative is to ensure standards for competency, continuing education, and ethics for all tax return preparers. Currently, there are testing and continuing education requirements for CPAs to maintain their credentials. However, this initiative extends to all paid tax return preparers. Among the standards established: mandatory registration and use of a Preparer Tax Identification Number (PTIN), a 120-question basic competency test (CPAs are exempt), and 15 hours of continuing professional education. To learn more about the progress of this initiative, please visit the following link: IRS Website.