IRS Sends Letters To 35,000 Mich. Tax Preparers 10-28-2010 - WNEM TV 5

IRS Sends Letters To 35,000 Mich. Tax Preparers 10-28-2010

The Internal Revenue Service is contacting more than 35,000 Michigan tax return preparers to remind them that they must renew their Preparer Tax Identification Number.
The IRS will require the use of PTINs on all federal returns prepared by paid tax return preparers starting January 1, 2011.
Last week, the IRS sent notices to 35,674 Michigan Tax Professionals who currently have PTINs as a reminder to renew.
“We encourage tax preparers to avoid any last minute rush by renewing their PTIN online now,” said John Crawford, IRS Spokesperson.
Tax professionals who received their PTIN prior to the new system launch on September 28, 2010, as well as those who do not currently have a PTIN, must register using the IRS Tax Professional Sign-Up System at www.IRS.gov/taxpros.
Registration, which will generally take 15-20 minutes, involves four simple steps: • Create an account • Complete the PTIN application • Pay a $64.25 fee • Get a PTIN -- Existing PTIN holders will generally be reassigned their same numbers.
The nine-digit PTIN was created several years ago so tax preparers could avoid using their Social Security Number as identification on the tax returns that they prepare. The requirement to use the PTIN is one of the main provisions in a new oversight program to help regulate the tax preparation industry.
Everyone paid to prepare all or substantially all of any federal tax return or claim for refund must have a PTIN. The requirement applies to all tax return preparers, including those who are enrolled agents, Certified Public Accountants and attorneys.
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