- The annual fee to obtain or renew a PTIN has been reduced from $50 to $33 starting on September 9, 2016. This likely presents the fact that the IRS doesn't need as much money if it won't be regulating about half of preparers - the roughly 350,000 preparers who are not an attorney, Enrolled Agent or CPA. [TD 9781 (8/10/16) + IRS preparer stats]
- Preparers need to protect their PTIN. On August 11, the IRS alerted people of phishing schemes where someone pretending to be from a tax software company, aiming to get the preparer's PTIN. [IR-2016-103]
Sunday, August 14, 2016
More work is needed by the IRS and Congress to get all paid return preparers subject to rules of conduct (beyond penalty provisions of the law). I think that is what most taxpayers expect. The law is complex, even for Form 1040EZ. Preparers need to keep up to date with changes (there were over 120 statutory changes in 2015!). How this is to be done remains a topic of discussion.
What do you think?