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IRS urges tax preparers to renew tax ID No.
by Tribune Staff
Nov 12, 2010 | 606 views | 0 0 comments | 7 7 recommendations | email to a friend | print
SAN DIEGO — The Internal Revenue Service has contacted 10,000 Nevada tax return preparers to remind them they must renew their Preparer Tax Identification Number (PTIN). Use of the PTIN will be required on all federal returns prepared by paid tax return preparers starting Jan. 1, 2011.

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 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.
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