IRS: 9,600 Louisiana Tax Professionals must renew their PTIN

From the IRS:

New OrleansThe Internal Revenue Service is reminding 9,600 Louisiana tax professionals that their Preparer Tax Identification Number (PTIN) will expire on Dec. 31, 2013.  

Nationwide, almost 690,000 federal tax return preparers must renew their PTIN for 2014.  Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid PTIN. 

In Louisiana, 9,600 tax professionals with active and provisional PTINs are affected by this requirement. That includes 2,758 CPAs, 346 Enrolled Agents and 213 Attorney’s.

“We ask that you renew your PTIN as soon as possible to avoid a last-minute rush. It’s easy to let this slip as the holiday season approaches,” said Carol A. Campbell, Director, IRS Return Preparer Office.

The IRS is now processing applications and renewals for 2014.  The fee to renew a 2013 PTIN is $63.  If you are registering for the first time, the PTIN application fee is $64.25.  Both can be completed online at www.irs.gov/ptin.

For more information about requirements for federal tax professionals and access to the online PTIN system, go to www.irs.gov/for-Tax-Pros

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 More details in IRS News Release-2013-85, 2014 PTIN Renewal Period Underway for Tax Professionals  http://www.irs.gov/uac/Newsroom/2014-PTIN-Renewal-Period-Underway-for-Tax-Professionals.

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Report: ‘New rules start for tax preparers’

Gannett reports on new federal rules for tax preparers. The first rule to take effect: paid preparers must register with the IRS.

It requires any paid preparer to obtain an identification number from the IRS and provide the agency with the preparer’s business address, professional certifications and the previous year’s personal tax returns.

It’s a move to reel in an industry the IRS and legitimate tax-preparing firms say has been a breeding ground for fraud.

“This will help to eliminate some of the fly-by-nights,” said Greg Storen, owner of Storen Financial Group in Brownsburg, Ind. “Before, you could hang a shingle out, know nothing about taxes and start doing returns. There was nothing to stop you.”

The IRS hopes the number, officially called the Preparer Tax Identification Number, or PTIN, is the first step in holding the industry accountable.

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