Friday, January 21, 2011

LOOK FOR "PTIN" IN YOUR FEDERAL TAX RETURNS...

NEW REGULATIONS REQUIRE THAT ALL PAID TAX PREPARERS SHOULD APPLY FOR AND GET PREPARER TAX IDENTIFICATION NUMBER (PTIN), INCLUDING THOSE WHO ALREADY HAVE ONE, BEFORE PREPARING FEDERAL RETURNS IN 2011.

THIS IS DONE BY IRS TO REGULATE TAX PREPARATION INDUSTRY. THE TAX RETURN PREPARERS HAVE TO REGISTER WITH IRS AND MEET CONTUING EDUCATION REQUIREMENTS AND FOLLOW ETHICAL STANDARDS  PER IRS CIRCULAR 230.
LOOK FOR PTIN NUMBER BOX FILLED IN BY THE TAX RETURN PREPARER IN 1040 FORMS. FOLLOW ON THE BLOG AND POST YOUR COMMENTS.

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