Time to renew those PTINs

All current Preparer Tax Identification Numbers will expire on Dec. 31, so tax return preparers must soon renew their PTINs for 2022.

Everyone who gets paid to prepare or helps prepare a federal tax return must have a valid PTIN from the IRS before preparing returns. The PTIN needs to be included as the identifying number on any return filed with the IRS. Enrolled Agents also need to have a valid PTIN.

Failure to have and use a valid PTIN may result in penalties.

Renewing or obtaining a PTIN costs $35.95 for 2022. The fee is non-refundable, and the exact amount must be paid to complete the PTIN process.

Tax preparers, including first-time applicants, with a 2021 PTIN should use the online renewal process, which takes about 15 minutes.

The paper option, Form W-12 (instructions here), can take four to six weeks to process.

Tax pros can also use the online system to view the number of returns that were filed with their PTINs in the current year, and to receive communications from the IRS Return Preparer Office.

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