We have an important message about your Form 720 tax returns, today is the deadline to file Form 720 excise tax return for the third calendar quarter of 2020 (July, August, and September). However it is only applicable for businesses that deals in goods and services subject to excise tax. If you were responsible for collecting excise taxes during this quarter and haven’t filed your tax return yet, you must prepare and file it by today, November 2nd, 2020.
Continue reading Today is the Deadline to file Form 720 excise tax return for the third calendar quarter of 2020 (July, August, and September)Category Archives: CPA
PTIN Renewals are currently being processed by the IRS. Renew Soon!
The Preparer Tax Identification Number (PTIN) is an identification number that all paid tax return preparers must use on U.S. federal tax returns or claims for refund submitted to the Internal Revenue Service (IRS).
Generally all PTINs expire on December 31 of each year. PTIN renewal open season begins approximately October 16 each year for the following year. You can renew online by logging into your PTIN account or by submitting a paper Form W-12 with the “Renewal” box checked and Send Form W-12 and supporting documentation to:
IRS Tax Pro PTIN Processing Centre
1605 George Dieter PMB 678
El Paso TX 79936
However online renewal takes about 15 minutes, but paper renewals take 4-6 weeks to process.
The Internal Revenue Service has currently begun processing renewals for Preparer tax identification number (PTIN). The Federal law states that anyone who prepares a federal tax return for a fee must possess an active PTIN. Failing to renew your PTIN might end up being prone to facing high penalties. Generally PTIN renewal services are offered at no cost.
For Preparers who come across the term PTIN for the First Time:
Did you just turned out to be an accountant or a tax Preparer, are you wondering what are the basic requirements to obtain a PTIN? Here’s the answer. As per the Federal law every individual who, for compensation, prepares or assists in the preparation of a tax return or claim for refund must have his or her own PTIN and each tax return preparer may only obtain one PTIN.
Should you have questions regarding the PTIN renewal process or If, you encounter any issues you can contact the PTIN Helpline at 877-613-7846.