Next year tax return preparers will need to start proving that they are competent under increased Internal Revenue Service rules. The first step in the new process begins in January when all paid preparers of tax returns must use a preparer tax identification number on all federal tax returns they file. Oversight eventually will include competency tests and continuing education requirements.
From Associated Press / ArgusLeader.com >>
The IRS is sending out notices to tax preparers in coming weeks, including [those] who already have a PTIN, to alert them that they must renew it before their first return next year.
The PTINs have been around for quite a while and were available to preparers who didn’t want to use their Social Security numbers for identification on tax return forms, but until now they haven’t been required.
Preparers will pay $64.25 to apply for or renew a PTIN, which must be renewed yearly.
The IRS estimates that about 139 million returns will be filed nationally next year. More than 60 percent of those will be put together by a tax preparer.
“Our goal is to get a better handle on who’s doing tax preparation around the country and how they’re doing it,” said David Williams, head of the new Return Preparer Office at the IRS.
>> Continue reading at ArgusyLeader.com
{ 3 comments }
The IRS keeps getting tougher and tougher… Yikes!
Frankly, I am troubled over this IRS build-up of sorts – increased small business audits, etc.
Its about time!!
Comments on this entry are closed.