Preparer Taxpayer Identification Number (PTIN) is the taxpayer identification number used by tax professionals. PTIN Renewal 2021 is open for those who are going to continue to accept compensation for preparing or assisting taxpayers in this tax season.
PTINs must be renewed every year before the tax season starts. The renewal starts every year on October 15 for the following calendar year. Therefore, the renewal applications for the 2021 tax year will begin on October 15, 2020.
Here is how to renew PTIN online and what you need to get started.
PTINs can be renewed online on the Internal Revenue Service’s Tax Professionals PTIN System. This is free to use an online system that allows tax professionals to renew their PTINs. To get started, you will need to have an existing account created on the system or create an account.
Assuming you already enrolled n Tax Professionals PTIN System, no need for starting from scratch. Though if you need one, here is what you need to know about enrolling in the system.
If you need to renew PTIN, apply for PTIN for the first time, or intend to become a tax preparer, create an account on the system using your personal information. You can set up an account in less than five minutes.
As soon as you’re logged into your account, pay the renewal fee which is $39.95, and get your PTIN to use in 2021. The renewal process of a PTIN is as simple as that.
Paper Application for PTIN Renewal
You also have the option to renew PTIN through Form W12. This tax form is only used for renewing PTIN. Though making an online application to renew PTIN will take significantly less, you have the option to apply via W12.
Click here to learn more about filing Form W12-IRS Paid Preparer Taxpayer Identification Number Application and Renewal.
Before you get to that, consider renewing PTIN online. When making a renewal application online, you will be able to obtain ITIN in about 10 minutes. This is considerably longer for mailed Forms W12.
On average, it will take a week for your mail to reach the IRS and about two or three days for the agency to process your renewal. Expect to wait at least 10 days for PTIN renewal when a paper application is submitted. Regardless, you can apply for PTIN renewal with Form W12.