When diving into the world of tax preparation for compensation, acquiring a Preparer’s Tax Identification Number (PTIN) is a crucial step. Your tax business also needs an Electronic Filing Identification Number (EFIN) to enable electronic returns. Let’s break down this one by one:
A PTIN is a must for all paid tax return preparers filing U.S. federal tax returns with the IRS. Obtain yours online at irs.gov for $50.00 per year. Remember, PTIN renewal is required annually after October 15th. At Keystone Tax Solutions (KTS), partners are required to obtain and maintain a valid PTIN.
Important Note:
If your PTIN is under investigation by the IRS or linked to fraudulent activity, we cannot engage in business with you.
An EFIN, a six-digit number assigned by the IRS, is vital for entities participating in the IRS e-file program. While the application is free, it involves a suitability check, including fingerprint submission and a review of criminal and tax debt history. Without an EFIN, you cannot e-file tax returns or engage in any e-file activities.
Discover how we can guide you through IRS registration or provide insights on launching your tax office.
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