User's Manual - Drake Software

Drake Software User’s Manual
Appendix A: Preseason Checklist
Efficient preseason planning can reduce or eliminate many problems for tax preparers. Take time now to
prepare for the months ahead and ensure that your office is ready before the first client arrives. The needs
of each office vary in the months before tax season, but your preparations might include the actions listed
here. Several refer to the Drake Support site, which is located at Support.DrakeSoftware.com.
Contact the IRS
Register for PTIN — All tax return preparers must register for a Preparer Tax Identification Number
(PTIN) and pay a $64.25 initial fee. Preparers who already have a PTIN must renew their
PTINs and pay a $63 renewal fee. Attorneys, CPAs, and EAs are not exempt. Sign up for a PTIN
online through the IRS website (www.irs.gov). Click the For Tax Pros tab and from the Getting
Started section, click Apply for a PTIN. The IRS has a special toll-free telephone number, (877)
613-PTIN (7846), that tax professionals can call for technical support related to the online registration
system.
Pass RTRP Competency Test — Paid tax return preparers with a PTIN have until the end of 2013
to take and pass the Registered Tax Return Preparer (RTRP) Competency Test. To schedule a time
for taking the exam, from the IRS website (www.irs.gov), go to the For Tax Pros tab and go to the
Testing & Credentials section. You can also call 855-IRS-EXAM (3926).
PTIN Test Study and Prep — Drake Software offers two online, self-paced courses to assist you
in preparing for the required RTRP Test and earn some required CPE credits. The RTRP Test
Study Course offers an interactive way to study for the RTRP exam by covering the seven domain
areas specified by the IRS as the content of the test. Drake Software customers receive a discounted
price of $99. This price includes 10 hours of continuing education on federal tax law that
applies towards the annual RTRP requirement, plus: study guides, examples, quizzes, and a practice
test. The RTRP Test Overview And Tips course provides an overview of the RTRP test and
tips for success. Course costs $19 and includes two hours of continuing education and includes
information on test specifications, ways to study and prepare, what to expect on test day, and tips
on handling test anxiety.
Get Required CPE Credits — PTIN holders are required to obtain 15 hours of continuing education
annually, including two hours of ethics, three hours of federal tax-law updates, and 10 hours
of federal tax-law topics. To view a Drake webinar on continuing education requirements, log in to
DrakeETC.com and from the blue menu sidebar, select Webinars > Available Webinars, and
from the list of webinars, select Continuing Education Requirements. (Click Details or Register.)
Apply for Electronic Filer’s Identification Number (EFIN) — All new EROs must apply to the
IRS to become an e-Services provider in order to receive an EFIN. If you are a new ERO and are
not a CPA, EA, attorney, banking official, or officer of a publicly held company, you must also
submit a fingerprint card. Register as an e-Services provider online through the IRS website
(www.irs.gov). Click the For Tax Pros tab and from the Getting Started section, click Become an
Authorized e-file Provider.
Tax Year 2012 A-1