January 8-12 is celebrated as Tax Professional Awareness Week (TPAW). In the complex landscape of taxation, the role of a tax professional is increasingly important. For TPAW, we’re highlighting the significance of tax professional certifications and exploring the emerging issue of identity theft. Tax professionals can also find resources to help them prepare for the 2024 filing season.
Are you gearing up to prepare and file federal tax returns this upcoming filing season? If so, the Taxpayer Advocate Service (TAS) wants to stress the importance of Tax Professional Certifications before the start of the 2024 filing season for 2023 tax returns.
Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid Preparer Tax Identification Number (PTIN) before preparing returns. Thus, having a PTIN is crucial. A PTIN not only safeguards your professional standing, but also contributes to a secure and efficient filing season. Learn more about specific requirements for Enrolled Agents (EA), Certified Public Accountants (CPAs), and Attorneys.
Tax professionals can also join the Annual Filing Season Program and be included in a public database of return preparers on the IRS website. Learn more about requirements and how to apply.
Remember: any paid tax return preparer is generally required to have a PTIN and is required to renew it annually. Refer to TAS’s Get help page on PTIN’s and the IRS’s PTIN Requirements for Tax Return Preparers for further guidance.
It is crucial for tax professionals to familiarize themselves with the indicators, impacts and reporting protocols associated with tax-related identity theft. This familiarity is essential for personal and financial security, ensuring legal compliance, and preserving trust in professional relationships. Tax-related identity theft can result in financial losses, unauthorized transactions, and credit score damage. A comprehensive understanding of threat signs empowers tax professionals to adopt proactive measures in safeguarding financial well-being.
Benefits that are affected when Tax ID Theft occurs
Common signs of Tax ID Theft
Where to report Tax-Related Identity Theft
Protecting your client against Tax-Related Identity Theft
Refer to TAS’s Tax Tip for more information.
Related Tax Identity Theft Links
TAS wishes all tax professionals the best of luck during the 2024 filing season. Make sure to visit the TAS website frequently, and follow us on social media for updated blogs, tax tips, and other helpful resources to make your filing season easier. Additional information available on Tax Professional Awareness Week on irs.gov.
