Recent Tax Updates

Time to Renew Your PTIN for 2016, PTIN Fee Reduced

November 3, 2015

The IRS has begun accepting renewals and new applications for PTINs for calendar year 2016.

All paid preparers of federal tax returns must renew their PTINs for 2016. The IRS prefers that tax preparers renew by December 31, 2015. However, if this is not possible, tax preparers must renew before they begin preparing 2015 federal income tax returns.

The IRS has just announced that the annual fee to renew or obtain a new PTIN will now be $50 for the 2016 PTINs. See the IRS Reminds Tax Return Preparers of Limited Practice Changes and Announces Revised PTIN Fee news article on the IRS website for more information about the PTIN fee change.

Although the IRS may not require federal tax return preparers who are not EAs, CPAs, or attorneys to pass a test and complete yearly continuing education, the IRS still has the authority to require all paid federal tax return preparers to register with the IRS and obtain a PTIN.

To renew a 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 $50 renewal fee.

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

Be sure to renew your PTIN before the 2016 filing season begins.