Academic journal article Journal of Accountancy

PTIN Procedures Detailed

Academic journal article Journal of Accountancy

PTIN Procedures Detailed

Article excerpt

Return preparers who needed to renew their preparer tax identification number (PTIN) for the 2012 tax preparation season should have done so before Dec. 31, 2011; if they did not renew by that date, they must register as a new applicant.

Those were among details of PTIN registration in an IRS news release Oct. 20 (IR-2011-105) as the IRS opened registration for the upcoming tax season. (For more on changes for the 2012 tax preparation season in federal tax law as well as practice and procedures, see "Tax Relief and Health Care Acts Shape 2011 Returns" on page 24.)

A new applicant must go through a "strict authentication procedure," according to the notice.

Also, the IRS said in the notice, preparers renewing for the 2012 season who were required to have registered and obtained or renewed a PTIN for 2011 but did not do so must obtain a 2011 PTIN and then renew it for 2012, paying fees for both years ($64.25 initial fee and $63 for renewal). The IRS warned that penalties could apply in such instances. …

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