Q:

What are the IRS requirements for PTIN renewal?

A:

Quick Answer

The IRS requires individuals to complete an online application or use the paper option to renew their preparer tax identification number, or PTIN. The agency also requires applicants to pay a renewal fee, according to its website.

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Full Answer

Individuals can renew their tax identification number by completing three steps. First, they need to create an account on the IRS website or use their login information to access their existing account online. Second, they have to fill out the online application. They are asked for their personal information such as name, mailing address and business information. They must provide their full legal name as it appears on their tax return. In addition to their personal and business information, they must provide explanation for issues with any tax obligations. Finally, the IRS requires applicants to pay a renewal fee via credit card or direct debit. Applicants who complete the online application receive the PTIN immediately after they submit the application and pay the fee, states the IRS.

Individuals who prefer to submit a PTIN renewal application nonelectronically can complete Form W-12 and mail it to IRS. They can pay the application fee by check or money order. It usually takes four to six weeks for the agency to process paper applications, notes the IRS. Anyone who gets paid to prepare tax returns or assists in the preparation of a tax rerun has to apply for a PTIN and renew it annually, explains TaxAct Professional.

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