The Internal Revenue Service (IRS) is restructuring the fees it imposes on the enrolled retirement plan agents who help retirement plans with tax matters.
IRS officials describe the enrolled retirement plan agent fee changes in final regulations published today in the Federal Register.
An enrolled agent is a tax specialist who has passed an enrollment examination and filed an application to be allowed to represent clients in IRS matters. Enrolled retirement plan agents have shown the IRS that they are qualified to help clients with retirement plan tax matters.
In the new regulations, the IRS is separating enrolled retirement plan agent user fees from enrolled agent user fees and lowering the initial fees for enrolled agents and enrolled retirement plan agents.
The IRS is reducing initial enrollment fees and renewal fees to $30, from $125, because the IRS is adding fees for a new preparer tax identification number application and renewal process, officials say.
The new regulations take effect today.
- Allison Bell