The IRS is reminding professional tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) if they plan to prepare returns in 2014. 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. Enrolled agents also must have a PTIN.
Current PTINs Expire December 31, 2013.
It takes about fifteen minutes to renew your PTIN, and the renewal fee is $63.00. Tools are available to assist any preparers who have forgotten their user name, password, or e-mail address.
Tax return preparers who are obtaining a first-time PTIN must create an online PTIN account first, and then follow directions to obtain a PTIN. Their fee is $64.25.
There are approximately 700,000 tax preparers with 2013 PTINs. More than 400,000 have already renewed their PTINs, plus more than 25,000 have obtained a first-time PTIN for 2014.
Tax professionals can obtain or renew their PTINs on the IRS website.