Preparer Tax Identification Number (PTIN) renewal has is underway. See below for the fast facts on what this means:
Who should renew?
Anyone planning to prepare or assist in preparing federal tax returns for compensation in 2015.
When will my 2014 PTIN expire?
How much does it cost?
The renewal fee is $63. A new PTIN application is $64.25.
How do I renew?
You can renew online at www.irs.gov/ptin or use the October 2014 version of the paper Form W-12 on IRS.gov.
How long does it take?
Online renewals take about 15 minutes; the paper version will take 4-6 weeks to process.
When should I renew?
Not at the last minute! The IRS traditionally has spikes in October and December. By renewing sooner rather than later, you can help spread the system and phone traffic more evenly.