Paid Tax Return Preparers need to know this
Posted on 26. Feb, 2011
There are hundreds and thousands of tax assistants or tax preparers which are mushroomed all across America. Many taxpayers who take assistance from them are not assured about their quality of work or even if these people are qualified to them in tax preparation and submission. Internal Revenue Service department has been receiving regular complaints regarding such tax preparers and have decided to streamline this activity in this current year.
All the paid tax preparers need to register themselves for Preparer Tax Identification Number (TPIN) after 28th September 2010. The tax preparers those who have TPINs issued prior to this date would need to re-register under the new scheme. The registration process is not very difficult and all the details regarding this are available on the official website of IRS. In fact one can also submit the forms for getting their TPINs on this website itself. However registration charges of $ 64.25 will have to be paid by individual tax preparers to get them registered under this new scheme. Out of the amount they will pay for this registration $ 50 will be charged as registration fee by IRS and the balance will be the cost of service provided.
These TPINs are issued for a validity of one year and will have to be renewed once their validity is close to expiry date. The issue of TPIN will be complete immediately in the online process but in case one plans to register using paper application it will take 4 to six weeks by IRS to issue TPINs.
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