All accounting professionals planning to file any federal tax returns and receive compensation for doing so must have a valid Preparer Tax Identification Number (PTIN). This requirement extends to all enrolled agents. PTINs expire annually, and if you currently have a PTIN, it will expire on December 31, 2019. Therefore, you must act on or before December 31, 2019 before preparing any tax returns in 2020.
To renew your PTIN – or obtain a PTIN if you do not presently have one – visit www.irs.gov/ptin. There is no cost for obtaining a PTIN or renewing an existing one. If you prefer, instead of obtaining/renewing your PTIN online, you can use a paper-based option by completing and submitting a Form W-12, IRS Paid Preparer Tax Identification Number (PTIN) Application. If you choose this option, allow four to six weeks for your application to be processed and your PTIN created or renewed.
One of the requirements for obtaining or renewing a PTIN is to certify that your firm has an appropriate security policy in place. To learn more about the type of information that such a policy requires, consider participating in K2’s Securing Your Data – Practical Tools for Protecting Your Information or K2’s Security – A Practical Guide.