Financial advisors who volunteer to help taxpayers through IRS tax preparation programs can use the experience to fill CFP designation requirements, the Certified Financial Planner Board of Standards announced Tuesday.
The IRS has two programs to help taxpayers free of charge: the Volunteer Income Tax Assistance program and the Tax Counseling for the Elderly program.
Financial advisors who hold the CFP designation can use their service on these programs for the continuing education credits needed to maintain the CFP designation. Those working towards the CFP designation can use the time to fulfill the requirement for experience that is needed to earn the CFP mark.
“This cooperative arrangement will benefit financial planning firms, our CFP professionals, candidates for CFP certification and the communities they serve,” says Elizabeth Stewart, the CFP Board’s chief operating officer.
Information on the IRS requirements can be found here. The service can be reported through an individual’s account with CFP board.