PTIN Message for Tax Professionals Tax professionals specializing in estate and trust returns must have a Preparer Tax Identification Number (PTIN) and renew it annually. The PTIN is required of paidprofessionals who prepare or assist in preparing certain federal tax returns, which includes Form 1041, U.S. Income Tax Return for Estates and Trusts. Failing to enter a PTIN or entering an expired or suspended PTIN can result in a $50 penalty per return and could cause processing delays for clients. The IRS has urged the estate and trust community, especially financial institutions offering services to clients, to ensure that staff who prepare or assist in preparing Forms 1041 have PTINs. PTINs cannot be shared among staff. Each paid professional must have his or her own PTIN. Obtaining or renewing a PTIN takes only a few minutes and can be done online. Preparers can obtain a PTIN for 2019 now and renew that PTIN between October and December for 2020. Visit www.irs.gov/ptin to start.
Enrolled Agent fees are increasing. The IRS has announced that the fees for Enrolled Agent applications and renewals will be changing effective June 12, 2019, as follows: Increase the amount of both the enrollment and renewal user fee for enrolled agents from $30 to $67; and Remove the initial enrollment user fee and increase the amount of the renewal user fee for enrolled retirement plan agents from $30 to $67. In November 2018, IRS issued proposed regulations that would increase the amount of both the enrollment and renewal user fee for enrolled agents from $30 to $67. The proposed regulations would also remove the initial enrollment user fee for enrolled retirement plan agents currently in Reg §300.10 because IRS no longer offers initial enrollment as an enrolled retirement plan agent. In addition, the proposed regulations would also increase the amount of the renewal user fee for enrolled retirement plan agents from $30 to $67. The IRS has now finalized the regulations without any change. The increased fees are effective on June 12, 2019. For more information, click here.
2019 EA Boot Camp, New Orleans, LA As an Enrolled Agent (EA) you can represent taxpayers before the Internal Revenue Service, command higher fees and be recognized as a respected tax professional. Energize your existing tax practice or hit the ground running as you start a new career by becoming an EA. By attending NSTP’s EA Boot Camp, you will master tax basics and be equipped to pass the Special Enrollment Exam (SEE). Our highly experienced instructors will present information to help you to master tax basics and successfully prepare for the SEE. Tax return preparers may earn up to five hours of Federal Tax continuing education credit for each of Parts 1 and 2, and two credit hours of Ethics for Part 3. The maximum amount of SEE prep program is 12 credit hours total. SEE Test Preparation CE is not available to EAs, or ERPAs. Full Course Rates May 20-24 Part 1 Rates May 20-21 Part 2 Rates May 22-24 Part 3 Rates May 21 Executive Member: $1349.00 Executive Member: $309.00 Executive Member: $899.00 Executive Member: $259.00 Full Member: $1449.00 Full Member: $329.00 Full Member: $949.00 Full Member Rate: $279.00 Non-Member: $1649.00 Non-Member Rate: $479.00 Non-Member: $1149.00 Non-Member … Read More
Congratulations to all the winners of this year’s Tullahoma’s Finest Awards. Among those taking home awards from our inaugural banquet are: Finest Tobacco/Vapor Store Electric Smoke Vapor House; Finest Shoe Store Clayton’s Shoe Store; and Finest Tax Services Mary W. Beard, C.P.A. Mary is the owner of Mary Warner Beard CPA, and has over 30 years experience in public accounting. Her educational background includes a Bachelor’s Degree in Business Administration from Middle Tennessee State University. Mary specializes in tax and accounting services, and is a member of National Society of Tax Professionals.