I receive an award!!!

Yesterday Mr. W. Oz from IRS called and let me know that, in lieu of their new program, which, because I am an EA and do not meet the qualifications, leaves nothing for me but, most humbly, in the words of Mr. Oz:

"Back where I come from there are men who do nothing all day but good deeds. They are called phila... er, phila... er, yes, er, Good Deed Doers."

Whoopee!!!!

http://www.irs.gov/uac/Newsroom/New-IRS ... -Preparers

Congrats Doc! Are you throwing yourself a party? Can I come? I'm a good baker!

Appears to me that pretty soon the qualification to prepare a return will be an arrest-free record for the previous tax season, and a PTIN in a pear tree.

A couple of days ago I heard from somebody with a large investment in Indian mutual funds. Been investing for 10+ years. His CPA just mentioned to him that they should have been filling form 8621 but he didn't know about it.
This guy is going to have all his money taken after being served by a professional. Might as well have been taking advice from a potted plant. I guess the guy has insurance.

This guy is going to have all his money taken after being served by a professional. Might as well have been taking advice from a potted plant.

Are you suggesting that one may as well use any uncredentialed preparer, that there is no value in a professional designation?

You can make an argument that professional accreditation in it's various forms serves as barriers to entry for new players. It can protect people who don't keep up to date with the education. Limits the participants and drives up the costs.
Maybe the most important criteria for a client is the insurance the professional carries to make good for mistakes.

Maybe the most important criteria for a client is the insurance the professional carries to make good for mistakes.

Good point. In my short time as a solo practitioner, I finally had a client (one of my highest by billed revenue) just recently ask me if I had E&O insurance, to which of course I responded, "yes". Knowing about the practitioner's insurance coverage only helps if the client is able and willing to file a lawsuit. E&O insurance, in many respects, is just prepaid legal service (from a comment I read some time ago on another board).