It seems like everything is getting more expensive, groceries, gas, even electricity! If you’re like me then you are tired of constantly having to pay more for everything. Well tax pros, I’ve got some good news.
The IRS is reducing the cost of PTIN application and renewal! For those new to the tax industry, a PTIN is your Preparer Tax Identification Number and is required to have if you plan on getting paid to prepare taxes for others in the United States. Tax Pros are required to renew their PTINs every year, adding on to the recurring expenses tax professionals face.
However, thanks to a recent court case, Steele v. United States, that took place earlier this year it was ruled that the IRS charged excessive fees from 2011 to 2017. As a result, the price for PTIN application or renewal is being reduced by 36% from $30.75 to $19.75 for the 2024 tax season. The price is broken down into two charges, $11 renewal fee per user and a $8,75 fee paid to third party contractors. The third party contractor fee is based on a competitive bidding process meaning the almost 9 dollar fee was determined by the IRS to be the best option for tax preparers. The fee goes towards covering the issuing, renewal, maintenance and processing of PTINs.
If you plan on getting paid to file taxes then getting a PTIN is an absolute necessity. Now is the perfect time to obtain your PTIN, especially with the upcoming tax season so close. Go to the IRS website to obtain your Preparer Tax Identification Number today! Click Here
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