All tax return preparers must renew their
Preparer Tax Identification Number (PTIN) from the IRS before the end of this
year. All current PTINs will expire on December 31, 2013. The renewal period is
currently under way.
The IRS has made it mandatory for every
practicing tax preparer to have a PTIN. Apart from them, anybody who takes
compensation to prepare or help prepare any federal return or claim for refund
must have a valid PTIN from the IRS. Enrolled agents, even if they do not
prepare tax returns, are required by the IRS to have and maintain a PTIN. It
was after tax preparer fraud became rampant that the IRS began to give a unique
identification number to practicing tax return preparers.
The PTIN needs to be included in every tax
return a preparer prepares. Before filing their tax returns, taxpayers must
check the PTIN along with other details. They must know the PTIN of the tax
preparer that prepares their tax return so that they can provide the IRS the
information if the need arises.
Those who already have a 2013 PTIN can
complete the renewal process online. The fee for renewal is $63 and takes only
a few minutes.
Those that do not have a PTIN and need one
can obtain a PTIN online through this page.
The fee for getting a new PTIN is $64.25. It might take fifteen minutes to
half-an-hour to obtain a PTIN online.
Those that prefer to send a request through
post can use Form W-12, IRS Paid Preparer Tax Identification Number Application
and Renewal. This form can also be used for renewing the PTIN. The IRS may take
from four to six weeks to provide the PTIN.
Tax preparers must ensure that they have renewed or obtained their PTIN so
that they can file tax returns correctly. Filing tax returns without a valid or
updated PTIN can result in penalties.
Labels: IRS, Tax Filing, Tax News, Taxpayers