The period to renew your Preparer Tax Identification Number (PTIN) for 2013 has begun. The IRS is reminding all the federal tax return preparers that they must renew their PTINs by December 31, 2012, and that preparers who have a competency test requirement should schedule their exam soon.
The new Tax Preparer Continuing Education requirement applies to preparers in 2012. Each registered tax return preparer must complete 2 hours of Ethics, 3 hours of Federal Tax Update, and 10 hours of study in federal tax subjects each year with an approved IRS education provider in order to renew your PTIN.Preparers must certify, when renewing their PTIN, that they have completed the 15 hour requirement for Tax Preparer CE credits by Dec. 31, 2012. If you have not fulfilled your Continuing Education Credits yet, TaxSlayer Pro offers 15 hours of CE credit for only $75, or $25 per 5 hour block.
The IRs states that the online PTIN renewal process takes about 15 minutes with a renewal cost of $63. Renewed PTINs will be valid for calendar year 2013. Preparers who have forgotten their log-in information, password or e-mail can use the IRS’s online tools to help them solve their particular issue.