The Internal Revenue Service today reminded professional tax return preparers to renew their Preparer Tax Identification Numbers if they plan to prepare returns in 2014. Current PTINs expire Dec. 31.
Anyone who prepares or helps prepare all or substantially all of a federal tax return, claim for refund or other federal forms for compensation must have a valid PTIN. All enrolled agents also must have a PTIN. Tax professionals can obtain or renew their PTINs at www.irs.gov/ptin.
The annual PTIN requirement is part of the IRS’s ongoing effort to enhance tax administration and improve services to taxpayers.
There are approximately 700,000 tax preparers nationwide with 2013 PTINs. More than 400,000 have already renewed their PTIN, plus more than 25,000 have obtained a first-time PTIN for 2014.
Before you begin your PTIN renewal application, be sure you have the following available: personal information such as name and mailing address and the same for your business, explanations for felony convictions if any, explanations for problems with your U.S. individual or business tax obligations if any, credit or debit card for the $63 PTIN user fee, your supervisor’s PTIN if applicable, and any U.S.-based professional certification information including certification number, jurisdiction of issuance, and expiration date if applicable.