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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
The IRS is allowing certain individuals who have made a good faith effort to timely obtain Preparer Tax Identification Numbers (PTINs) to prepare tax returns during the interim period that their applications for PTINs are pending. All tax return preparers who are compensated for preparing, or assisting in the preparation of, all or substantially all of a U.S. federal tax return or claim for refund must obtain a PTIN. The PTIN is the exclusive identifying number for tax return preparers. All tax return preparers will need to be registered in the new system and obtain a PTIN before filing any return after December 31, 2010, according to the IRS.
Tax return preparers who use the new online application system will generally receive their PTIN number when the application process has been completed. According to the IRS, those who apply for a PTIN using paper Form W-12 (IRS Paid Preparer Tax Identification Number (PTIN) Application) generally will receive their PTINs four to six weeks after the application and payment is received.
The IRS recognizes that some tax return preparers are having difficulty in obtaining a PTIN. The IRS will permit any tax return preparer, who receives a notice from the IRS that it was unable to process their online PTIN application or an acknowledgment from the IRS of receipt of a paper PTIN application, to prepare and file tax returns or claims for refund for compensation after the tax return preparer complies with all instructions provided in the IRS notification or acknowledgment letter. These tax return preparers may use a PTIN issued before September 28, 2010 (or their Social Security number if the tax return preparer does not have a previously issued PTIN) as their PTIN during the 2011 tax season or until they receive a new PTIN, whichever is earlier. The IRS emphasizes that this relief is only for the 2011 filing season.
Source: IRS Notice 2011-11, I.R.B. 2011-7, February 14, 2011.
For more information, visit http://www.wolterskluwerlb.com/rbcs.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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