Preparer Tax Identification Number Essay
The Preparer Tax Identification Number (PTIN) is required by the IRS for those enrolled agents or for those prepares who receive compensation for preparing forms of tax, this requirement was implemented by the federal government in 2011, in order to that there would be people with better preparation, approved by the same IRS, to help the community in preparing their taxes.
The process of obtaining a PTIN has an initial cost of $ 64.25 and an annuity of $ 63 for renewal.
For this issue, the trainer must be over 18 years old, and have knowledge of the laws of tax preparation.
The PTIN must be obtained by any person receiving compensation for the preparation of an income tax document, lawyers and certified public accountants, do not require this identification number.
To prepare Tax Return documents, without PTIN …show more content…
Maintaining clients ' tax records
Keep tax records of customers is a good way to provide better service to customers, with this much form of information, which is required for the preparation of a tax claim, is at hand and the time is reduced during the preparation of documents.
Among the information that must be retained, is the customer 's name, names of his dependents, social security numbers, address and the filing status is. By law all received document for the preparation of a tax must be returned to the customer, but the preparer may keep files of this documentation, if any legal dispute or for future reference of the same client.
The law states that the records should be held for a period of 36 months, in some cases, the files must be maintained longer, if the federal government can claim some tax dispute, following a filed or not filed income