Form 5330 - Paid Preparer? PTIN?

[ldr]

Hi to All,

I have been asked to query the group as to whether you fill in the "paid preparer" section of the Form 5330, whether you maintain a PTIN for this purpose, and whether you use the PTIN for any other purpose.

We very seldom prepare this form and every time, these questions come up.

Your advice is appreciated in advance.

[Larry Starr]

3 minutes ago, ldr said:

Hi to All,

I have been asked to query the group as to whether you fill in the "paid preparer" section of the Form 5330, whether you maintain a PTIN for this purpose, and whether you use the PTIN for any other purpose.

We very seldom prepare this form and every time, these questions come up.

Your advice is appreciated in advance.

I don't believe there is a choice. If you prepare the 5330, that form does require the paid preparer designation.  Yes, I have a PTIN, but I am an Enrolled Agent so I have one anyway.  Since I take full 2848 (Power of Attorney) for my clients, the 2848 also has my PTIN on it, as well as my CAF number and my EA number.

[ESOP Guy]

30 minutes ago, ldr said:

Hi to All,

I have been asked to query the group as to whether you fill in the "paid preparer" section of the Form 5330, whether you maintain a PTIN for this purpose, and whether you use the PTIN for any other purpose.

We very seldom prepare this form and every time, these questions come up.

Your advice is appreciated in advance.

If you are saying you get paid now and then to prepare this form but don't disclose you were the paid preparer I think you will find the IRS takes a dim view of that if they figure it out.  

[ldr]

Can you prepare the form, put in all of your information, but leave PTIN blank if you don't have one?

[Bill Presson]

18 minutes ago, ldr said:

Can you prepare the form, put in all of your information, but leave PTIN blank if you don't have one?

No. If you are paid for preparing a return, you have to have a PTIN.

[Peter Gulia]

Here’s a list of forms that do not require a preparer to have a PTIN:

https://www.irs.gov/tax-professionals/frequently-asked-questions-do-i-need-a-ptin

Observe that Form 5330 is not on this list, which means a preparer of the form must have a PTIN.

 

Preparing a return when the preparer lacks a current PTIN could result IRC § 6695 penalties, including the penalty of $50 for each failure to include an identifying number on the return (or claim).

 

Also, the IRS Office of Professional Responsibility might pursue enforcement actions.  Those could include (for bad cases) asking a Federal court to enjoin the violator from preparing tax returns.

[justanotheradmin]

The PTIN is free and simple to obtain. 

We require all of our admin staff who prepare Form 5330 (which is most) to have a PTIN. This includes assistants and support staff if they are preparing the Form 5330 (even though their work will be reviewed by a more senior person). 

Most of our clients hopefully will never need a Form 5330, but we do enough each season that we have the above PTIN requirement in place. 

[RatherBeGolfing]

14 minutes ago, justanotheradmin said:

Most of our clients hopefully will never need a Form 5330, but we do enough each season that we have the above PTIN requirement in place. 

I think Form 945 is pretty common though. Unless you outsource it of course

[Larry Starr]

2 hours ago, ldr said:

Hi to All,

I have been asked to query the group as to whether you fill in the "paid preparer" section of the Form 5330, whether you maintain a PTIN for this purpose, and whether you use the PTIN for any other purpose.

We very seldom prepare this form and every time, these questions come up.

Your advice is appreciated in advance.

And here's how to get your PTIN:

Don't have a PTIN and need to obtain one?

Most first-time PTIN applicants can obtain a PTIN online in about 15 minutes. There is no fee to obtain a PTIN. View this checklist to get started:  https://www.irs.gov/tax-professionals/ptin-application-checklist-what-you-need-to-get-started

[ldr]

Thank you all SO MUCH!  We will get our act straightened out now that we know what we need to do.  Everybody here is busy applying for PTINs this morning.  This was a lot of help.