Taxes are a big part of your business, and you need to know the proper paperwork to ensure a smooth audit. You may wonder how much time you’ll need to prepare for this annual process. It’s crucial to plan ahead of time to avoid penalties and fines. Here are some primary documents you’ll need to bring to your tax preparation appointment.
Obtaining a PTIN
Obtaining a PTIN is crucial for Tax Preparation Wichita, KS paperwork. The IRS issued PTINs to tax preparers starting in 1999. Previously, the preparer must sign the tax return forms and provide their social security numbers. The PTIN was created to protect the privacy of tax preparers. First-time tax preparers can obtain a PTIN online in 15 minutes. They must have the required information from their U.S.-based professional certifications and complete the paperwork. Applicants should create an account to receive PTIN communication through the arrangement. All official correspondence will be sent to the email address listed on the account. The IRS will not email a copy of the completed application, so keeping a copy of it is important.
If you are unsure why obtaining a PTIN is essential, IRS pays attention during audits and has the authority to disbar tax preparers if they file fraudulent tax returns. Without a PTIN, tax preparers are the default target for fraud. In addition to this, the IRS has set up many conditions for tax submission to keep the process fair and straightforward.