The IRS proudly announced the reduction of the user fee imposed on tax preparers who apply for a preparer tax identification number (PTIN). The IRS conducted its review and issued interim final regulations, complete with the history of the PTIN fee, two legal citations, an explanation of the account principles utilized by the IRS, two contact names and phone numbers for additional information, and a footnote, all to conclude that the fee can be reduced from $11 to $10.
The IRS estimates that some 900,000 individuals will apply for a PTIN in the next three renewal cycles. So, to save me and my 899,999 colleagues $1 each, the IRS lost $900,000, plus the cost of the study. To read the full report, click here.
