IRS PTIN system continues to accept 2011 renewals

BY ALISTAIR M. NEVIUS

The IRS online system to apply for a new preparer tax identification number (PTIN) is back up and running after a two-week hiatus for maintenance. In addition, the system is continuing to accept 2011 PTIN renewals even though the Dec. 31, 2011, renewal deadline has passed.

The IRS has also posted online troubleshooting tips to help practitioners who encounter various problems in applying for or renewing a PTIN.

In an email to practitioners, the IRS said that additional guidance will be issued this month for preparers whose PTINs have expired.

CPAs and other tax return preparers are required to obtain and/or renew their PTIN if they are compensated for preparing or assisting in the preparation of “all, or substantially all” of any U.S. federal tax return or refund claim.

Alistair M. Nevius is editor-in-chief of The Tax Adviser.

More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

MANAGEMENT ACCOUNTING

Developing finance leaders

A good leader recognizes that part of the job is developing the next generation of leaders. Veronica McCann, CGMA, a former division CFO at Commerzbank in Singapore, shares tips on developing future finance leaders.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.