The IRS recently sent notices to 9,935 Nevada tax professionals who currently have PTINs as a reminder to renew.
A tax preparer who received a PTIN prior to the new system launch on September 28, 2010, must register with the IRS’s new sign-up system available at www.IRS.gov/taxpros. Registration, which will generally take 15 to 20 minutes, involves four simple steps:
• Create an account
• Complete the PTIN application
• Pay a $64.25 fee
• Get a PTIN (existing PTIN holders will generally be reassigned their same numbers)
The PTIN was created several years ago as a nine-digit number so tax preparers could avoid using their Social Security Number as identification. Its requirement is one of the main provisions in a new oversight program to help regulate the tax preparation industry.
Anyone paid to prepare all or a substantial portion of any federal tax return or claim for refund must have a PTIN. The requirement applies to all tax return preparers, including those who are enrolled agents, Certified Public Accountants and attorneys.