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2020 PTIN Renewal is Now Underway

The IRS is reminding tax return preparers that they must renew their PTIN for 2020 as all current PTINs expire on December 31, 2019.

As a reminder anyone who prepares a federal tax return for compensation must have a valid PTIN. Failure to have a valid PTIN may result in penalties.

At the present time there continues to be no fee for renewing or obtaining a PTIN.

New for this year, the IRS has added a new Data Security Responsibility screen and acknowledgement checkbox to the renewal process. The purpose of this new screen is to make sure tax preparers are aware of their responsibilities to secure their clients data and their computer systems.

See IRS news release of October 23 (IRS urges tax professionals to renew PTINs now for 2020) for more information.

Mark Castro, CPA

Mark Castro, CPA

Mark has been with CrossLink Professional Tax Solutions (CPTS) since 2008, but has been in the tax industry since 1990. As the government/tax industry liaison for CPTS, Mark has been very active in working with the IRS, States, and other tax industry members to help improve communications, promote standardization, and simplification of eFile systems. Mark has also been active with industry associations as a board member of the National Association of Computerized Processors (NACTP) and the Council of Electronic Revenue Communication Advancement (CERCA) for many years. These two associations work with the IRS and States to help solve key eFile and electronic tax system issues and work to improve the operations of the State and IRS eFile systems.
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Recent Tax Updates

Form 1099-K on laptop.

IRS Delays Form 1099-K Reporting for 2023

Following feedback from taxpayers, tax professionals and payment processors, the IRS announced on November 23 that the requirement that was enacted in the American Rescue Plan Act of 2021 that lowered the reporting threshold from $20,000 to $600 for third-party networks that process payments for transactions that involve the selling of goods or services will be delayed until 2024.

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November 29, 2023
cheerful-professional-preparers-employee retention credit

Employee Retention Credit

Over the past few months, you may have seen information in the media about the Employee Retention Credit and the most recent news that the IRS has stopped processing any new claims for this credit due to the high incidence of questionable claims being submitted to the IRS.

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October 23, 2023

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