New PTIN System Set in Motion by IRS

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On Tuesday, the IRS offcially implemented its new Preparer Tax Identifcation Number (PTIN) system. From now on, all tax preparers will have to be issued PTIN (even if they already have one) in order to be qualifed to prepare and submit tax returns for their clients in 2011. This included all paid classes of tax preparers including CPAs, enrolled agents and tax attorneys. This is in line with the IRS initiative to properly register and regulate the thousands of tax preparers in the country.

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Published In: Tax Updates