Recent Tax Updates

Reminder to Renew Your PTIN for 2014

November 6, 2013

Last week the IRS began accepting renewals and new applications for PTINs for calendar
year 2014.

All paid preparers of federal tax returns must renew their PTINs for 2014. This must be done before preparing
2013 returns.

Although the US District Court enjoined the IRS from enforcing the oversight of return preparers who are not EAs, CPAs, or attorneys, they did not strike down the requirement that all paid federal tax return preparers register with the IRS and obtain a PTIN.

To renew your PTIN, go to the IRS Tax Professional PTIN System page on the IRS website, log onto your IRS PTIN account, fill out the information requested, and pay the $63 renewal fee.

For new paid preparers, the fee is $64.25.

Failure to renew or obtain a PTIN could result in being penalized under IRS Code § 6695.

Return preparers do not have to take a competency test or take continuing education for 2014. This is because the IRS is still in the process of appealing the US District Court's decision enjoining the IRS from oversight of return preparers.