There was recently a notice on the IRS website letting preparers know that the PTIN e-services system would be offline until October 19th. Preparers will now notice that the site is live again and lists the steps and requirements for PTIN renewal. Keep in mind that ALL paid preparers must renew their PTIN before 1/1/12 in order to be eligible for the upcoming filing season. In addition, remember that many preparers are subject to newly instituted competency testing requirements and must take continuing education courses on a yearly basis. The steps for PTIN registration as detailed on the IRS site are as follows:
1. Access your account: If you already have an online PTIN account (meaning you registered for and obtained your PTIN ONLINE last year) you can log in using your regular account. However, if you received your PTIN via snail mail, courtesy of form W-12, keep your eye out for letter 4762 that will contain information on how to convert to an online PTIN account.
2. Renew your account: Once you have logged in to your online account you will be asked to answer a few questions and verify your information. Make sure that you have everything you need in order to complete this step easily. Review this checklist to make sure all of your ducks are in a row.
3. Pay the Fee: Fear not, the IRS didn’t forget about the PTIN fee. You can pay your $63 renewal fee via credit card or direct debit.
4. View Next Steps: Finally the IRS e-services system will describe the next steps for your unique situation. This could include testing requirements and continued education. Make sure to complete these in order to stay compliant. Make sure you complete this EVERY calendar year.
TaxSlayer Pro will continue to keep you updated to changes and developments regarding this new system. While it will certainly be a growing process it should help standardize the industry and the reputation of tax preparers across the country. Look for future communication regarding this subject in your message center within TaxSlayer Pro.