Preparer Penalty Awareness: IRC 6695(c) Failure to Furnish Identifying Number

Did You Know? Internal Revenue Code, Section 6109(a)(4) requires paid tax return preparers to include an identifying number along with their name when signing the return. IRS regulations require the identifying number be a Preparer Tax Identification Number (PTIN). Failure to provide a PTIN may result in an Internal Revenue Code, Section 6695(c) penalty of $50 for each failure with a maximum penalty of $25,500 in any calendar year.

For more information on Preparer Penalties visit: www.irs.gov/tax-professionals/summary-of-preparer-penalties-under-title-26