The IRS says over 60 percent of PTIN holders are not attorneys, CPAs, or enrolled agents.
An audit on PTIN applications by TIGTA, the Treasury Inspector General for Tax Administration, offered some surprising results.
FORBES: Audit Finds That Prisoners and Felons Granted Permission To Prepare Returns
About 712, 2000 paid preparers did register properly with the IRS and obtain a new Preparer Tax Identification Number (PTIN).
FORBES: IRS Targets 100,000 Tax Professionals For Noncompliance
As with attorneys and CPAs, a non-signing preparer must still obtain a PTIN.
FORBES: IRS Targets 100,000 Tax Professionals For Noncompliance
As of July 2011, more than 700, 000 paid tax return preparers have registered with the IRS and obtained a PTIN.
FORBES: Audit Finds That Prisoners and Felons Granted Permission To Prepare Returns
The first step in this process, signing up to be assigned or re-issued a personal identification number (PTIN), is underway.
The PTIN is the mechanism that allows the IRS to obtain more complete and accurate information on tax return preparers.
With the opinion, the IRS appeared to concede the loss and yanked PTIN registration and testing registration from its website.
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The rules were made final in fall of 2010 and the new PTIN online registration system opened for business.
FORBES: IRS Targets 100,000 Tax Professionals For Noncompliance
Further, the form now recognizes and requires the IRS mandated PTIN assigned those who prepare returns or claims for refunds.
About a third of those felons granted active or provisional PTIN holders were actually in prison when they received their PTINs.
FORBES: Audit Finds That Prisoners and Felons Granted Permission To Prepare Returns
All individuals who prepare all or substantially all of a tax return or claim for refund are required to obtain a PTIN.
You should make sure that your tax preparer has a valid PTIN.
Finally, anyone you pay to prepare your tax return must sign it and include their Preparer Tax Identification Number (PTIN) in the space provided.
In its motion, the IRS did not distinguish between the RTRP regulations which were struck down, and the separate PTIN regulations, which were not.
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Under the IRS scheme, those preparers must pay some fees unrelated to the PTIN, pass a qualifying exam, and complete annual continuing education requirements.
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In addition to Preparer Tax Identification Number (PTIN) registration, the IRS will require certain paid tax preparers to pass a competency test by December 31, 2013.
In addition, the IRS plans to match PTIN applicants to the list of individuals who have IRS Criminal Investigation convictions and individuals permanently enjoined from preparing tax returns.
FORBES: Audit Finds That Prisoners and Felons Granted Permission To Prepare Returns
The audit revealed, among other concerns, that 962 PTIN applicants who have been in jail on felony convictions within the last 10 years received active or provisional PTINs.
FORBES: Audit Finds That Prisoners and Felons Granted Permission To Prepare Returns
He did note, however, that all of the Plaintiffs in the matter had already submitted their PTIN (preparer tax identification numbers) and had planned to continue preparing returns this season.
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The purpose of the letters is ostensibly to explain the new oversight program, inform preparers of how to register for a new PTIN, or renew an old PTIN, and where to get assistance.
FORBES: IRS Targets 100,000 Tax Professionals For Noncompliance
The IRS requires all individuals who are compensated for preparing, or assisting in the preparation of, all or substantially all of a tax return or claim for refund of tax to have a PTIN.
FORBES: IRS Targets 100,000 Tax Professionals For Noncompliance
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