Time to Renew your PTIN

Time to Renew your PTIN

Don’t forget to renew your PTIN before December 31!

Anyone who is paid to prepare or assist in preparing federal tax returns or claims for refund must have a PTIN. All enrolled agents must also have a PTIN. Attorneys and Certified Public Accountants do not need a PTIN unless they are compensated for preparing or assisting in preparing federal tax returns or claims for refund.

A PTIN cannot be shared among multiple individuals or one office. Each individual must obtain his or her own PTIN. In addition to completing the appropriate CE courses, the return preparer must also renew his or her preparer tax identification number (PTIN) for the upcoming year and pay the annual user fee.  All PTINs expire on December 31 of each year. PTIN renewal open season begins approximately October 15 each year for the following year. You can renew online by logging into your PTIN account or by submitting a paper Form W-12 with the “Renewal” box checked.

Don’t have a PTIN?

To sign up for a new PTIN, you must create an account. Most first-time PTIN applicants can obtain a PTIN online in about 15 minutes.  Go to the online PTIN system and click on “Create Account” under the “New User” option.  You will need to provide the following information:

  • Social Security Number
  • Personal information (name, mailing address, date of birth)
  • Business information (name, mailing address, telephone number)
  • Previous year’s individual tax return (name, address, filing status)
  • Explanations for felony convictions (if any)
  • Explanations for problems with your U.S. individual or business tax obligations (if any)
  • Credit/Debit/ATM card for the $35.95 PTIN user fee. The user fee is non-refundable.
  • If applicable, any U.S.-based professional certification information (CPA, attorney, enrolled agent, enrolled retirement plan agent, enrolled actuary, certified acceptance agent, or state license) including certification number, jurisdiction of issuance, and expiration date.

Consider becoming an Annual Filing Season Program participant

The Annual Filing Season Program is a voluntary IRS program intended to encourage non-credentialed tax return preparers to take continuing education courses to increase their knowledge and improve their filing season readiness.

Those who choose to participate must renew their PTIN, complete 18 hours of continuing education from IRS-approved CE providers and consent to adhere to specific obligations in Circular 230 by December 31, 2021. The IRS has a video available on how to sign the Circular 230 consent and print the Record of Completion.

After completing the steps, the return preparer receives an Annual Filing Season Program Record of Completion from the IRS. Program participants are then included in a public directory of return preparers with credentials and select qualifications on the IRS website.

The searchable IRS directory helps taxpayers find preparers in their area who have completed the program or hold professional credentials recognized by the IRS.

PTIN Courses International is an IRS-approved CE Provider and offers all of the required courses for a reasonable price of $10.00 per credit hour!! But hurry, you must complete your Continuing Education by December 31.

Become an Annual Filing Season participant by taking our Annual Federal Tax Refresher course
Choose from our quality courses to become an annual filing season program participant
Our ethics course qualifies for the annual filing season program participant CE requirements.

IRS Announces 2022 Inflation Adjustments

IRS Announces 2022 Inflation Adjustments

Earlier this week the Internal Revenue Service issued Revenue Procedure 2021-45 which outlines the 2022 IRS Tax Inflation Adjustments. This Revenue Procedure adjusts more than 60 tax provisions, including the tax rate schedules and other tax changes.

These adjustments apply to the 2022 taxation year and will affect returns filed in 2023. The following are a few of the important changes.

Tax Changes for Students and Teachers

As the school year begins, students are considering what classes they need to take and how much the classes will cost. Whether it’s community college, a trade school, a four-year university or an advanced degree, higher education is expensive. The good news is tax deductions and credits can help offset these costs.

These deductions and credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even receive a refund.

Taxpayers who pay for higher education in 2021 can see these tax savings when they file their tax return next year. If taxpayers, their spouses or their dependents take post-high school coursework, they may be eligible for a tax benefit.

In addition, teachers are offered a deduction for out-of-pocket expenses that they incur for books and supplies they use in the classroom. 

Identity Protection PIN (IP-PIN) Opt-In Program

The IRS is asking tax professionals to spread the word to their clients about the NEW voluntary IP-PIN program.

IP-PINs are six-digit numbers assigned to eligible taxpayers to help prevent the misuse of their SSNs on fraudulent federal income tax returns. When you have an IP PIN, it prevents someone else from filing a tax return with your SSN.

Tax Related Identity Theft

Tax Related Identity Theft – Protecting Your Tax Data

The Internal Revenue Service issued a News Release this week reminding tax practitioners the importance of protecting your tax data against tax related identity theft. Because the number of data thefts reported by tax professionals to the IRS continued to climb., the IRS launched it’s sixth summer campaign. “Boost Security Immunity: Fighting Against Identity Theft” urges practitioners to boost security immunity.

Cybercriminals target tax professionals because they are custodians of highly sensitive client data. In addition to trying to steal client data, thieves may try to steal your identity as well, using your PTINs, EFINs and CAF numbers to file fraudulent returns or steal even more information.

ADVANCE CHILD TAX CREDIT PAYMENTS TO START JULY 15!

The IRS will begin sending advance child tax credit payments to eligible taxpayers starting July 15. The IRS recently sent letters to over 36 million taxpayers who may be eligible to receive the advance credits. Payments are based on information included in either their 2019 or 2020 federal income tax return or who was a non-filer that registered for an Economic Impact Payment.

Families who are eligible for advance Child Tax Credit payments will receive a second, personalized letter listing an estimate of their monthly payment, which begins July 15.

Become an Annual Filing Season Program Participant

The IRS believes in a mandatory competency standard for federal tax return preparers. To this end, legislation continues to be the priority of the IRS. The Annual Filing Season Program recognizes the efforts of unenrolled return preparers who improve their professional competency through continuing education. Anyone with a PTIN can prepare a federal tax return. However, some preparers with a PTIN work to ready themselves for the filing season through educational efforts, The program differentiates these preparers from the rest of the marketplace.

INTRODUCING A BRAND NEW CE PROVIDER WITH AN INTERNATIONAL FOCUS

We are live! And we are so excited to tell you about our new CE courses!

PTIN Courses International is a new continuing education provider that was recently approved by the Internal Revenue Service. But what makes us different from the rest is that our courses will focus on international taxation issues. We ensure that even our most basic courses will address any international tax issues that could arise.

Our goal is to provide a quality CE experience at a reasonable price. All our courses are offered at $10.00 per CE credit.