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.