Value of Certification - Practical Training - Professional Results
A Tax Reporting Professional certification is designed to recognize the expertise of tax reporting and withholding professionals and give employers a consistent, independent, national standard to judge tax reporting personnel and consultants.
In order to meet these goals, respected experts serving on our certification board establish baseline criteria for knowledge to be certified as a TRP. Our experienced, nationally recognized instructors create testing, continuing education and training programs that target the ongoing educational needs of all types of financial institutions personnel. The Tax Reporting Institute is the only organization that tailors its educational programs to exclusively meet the specific tax information reporting and withholding needs of financial institutions including banks, brokers, insurance companies, thrifts, and credit unions.
Certification by Application
Credentialed professionals with a minimum of five years employment/experience in a tax reporting and withholding function with two letters of reference may have the examination requirement waived upon submitting an application. The application fee is $150 per person.
Certification by Examination
Testing to become a certified TRP is currently offered following the annual Tax Reporting & Withholding Conference. The application and exam fee is $150. The exam consists of multiple choice questions in the subject area of tax reporting and withholding. See the sample question below.
SAMPLE QUESTION: Which of the following accounts would be subject to backup withholding on receipt of a C Notice under IRC Section 3406(a)(1)(c)?
A. Interest paid on a certificate of deposit.
B. A sale of stock or other security reportable on Form 1099-B.
C. A vendor payment reported on Form 1099-MISC.
D. All of the above.
How to Prepare for the CTRP Exam - A reference list of materials and programs for pre-exam preparation includes the following:
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Annual Tax Reporting & Withholding Conference held in the Washington, DC area each April/May.
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American Bankers Association and state association tax compliance conferences, schools, telephone seminars.
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A Guide to IRS Information Reporting for Financial Institutions.
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IRS publications, payer call-site, and web site.
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Roundtable and Clearinghouse meetings.
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Other reporting and withholding conferences and seminars sponsored by the banking, brokerage, insurance, and mutual fund communities.
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Other privately sponsored reporting and withholding conferences approved by the TRI.
