New Mexico Tax Preparer Requirements
The Internal Revenue has the utmost authority over New Mexico tax preparer requirements. These requirements are the same for professional tax preparers within New Mexico and for the rest of the United States.
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Knowledge
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A thorough understanding of tax law is essential in the business of tax preparation. Preparers must keep updated on yearly tax law changes through continued education. Training courses are offered by independently-owned businesses, accredited institutions and in virtual classrooms online.
Due Diligence
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Every paid and unpaid tax professional is required to exercise due diligence when preparing a return for another taxpayer. Due diligence is the effort that a preparer makes to verify that all information contained in the tax return is true and correct.
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PTIN
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A preparer taxpayer identification number is used, in place of a social security number, to identify the paid preparer of a tax return. Up until the 2011 tax year, PTINs were not a federal requirement for tax preparers. A PTIN can be obtained, free of charge, by contacting the Internal Revenue Service.
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
