Monday, October 27, 2014

Renew you PTIN for 2015- Tax Professionals

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The Internal Revenue Service today reminded the nation’s more than 690,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2015. All current PTINs will expire Dec. 31, 2014.
Anyone who prepares or helps prepare any federal tax return or claim for refund , for compensation must have a valid PTIN from the IRS. The PTIN must be used as the identifying number on returns prepared.
“We ask that you renew your PTIN as soon as possible to avoid a last-minute rush, ,” said Carol A. Campbell, director, IRS Return Preparer Office. “It’s easy to let this slip as the holiday season approaches.”

For those who already have a 2014 PTIN, the renewal process can be completed online and only takes a few moments. The renewal fee is $63. If you cannot remember your user ID and password, there are online tools to assist you. Preparers can get started at www.irs.gov/ptin.
If you are registering for the first time, the PTIN application fee is $64.25 and the process may also be completed online.

Form W-12, IRS Paid Preparer Tax Identification Number Application and Renewal, is available for paper applications and renewals, but takes four to six weeks to process. Failure to have and use a valid PTIN may result in penalties. All enrolled agents, regardless of whether they prepare returns, must have a PTIN in order to maintain their