If you were retiring, would you renew your EA?

[dmj4]

I am retiring. The 2018 tax year is my last year to file returns and my EA is current until March 31, 2020. I already have plenty of CE to renew. I will not be doing any returns in the future except mine and maybe help my two kids with theirs. I won't need my EA or PTIN for that.

I have had my EA and prepared client returns for all currently open years.

Are there any benefits to not renewing my EA and being an unenrolled preparer while the time passes on these open years?

Thank you!

[Dusty2004]

I would say, if you are going to support those returns you did in the past, yes.

[dmj4]

I would say, if you are going to support those returns you did in the past, yes.

Hi Dusty2004,
Thank you so much for responding.

There will be someone else sitting in my chair. I believe they will provide support as they pick and choose to retain the clients, but if something is my error it will probably fall back to me. I would feel responsible for any penalties and interest I cause the taxpayer, but if there are Preparer Penalties that could be avoided by being an unenrolled preparer it makes sense to just not renew my EA.

Thanks!

[TAXNJ]

Hi Dusty2004,
Thank you so much for responding.

There will be someone else sitting in my chair that will be chosen by the company I am contracted through. I believe they will provide support as they pick and choose to retain the clients, but if something is my error it will probably fall back to me. I would feel responsible for any penalties and interest I cause the taxpayer, but if there are Preparer Penalties that could be avoided by being an unenrolled preparer it makes sense to just not renew my EA.

Thanks!

Preparer penalties apply whether a Preparer has credentials or no credentials

[dmj4]

Thank you for responding TAXNJ. I have had my EA so long I wasn't sure.

I guess the only ones that avoid the penalties are the ones that don't sign the returns they prepare. That's not me.

Thanks!

[Gene V]

dmj4
Sure you want to retire, I do some computer work for a tax preparer, she just turn 96 this year, does some bookkeeping for Corporation and handful of individual taxes. Soon as she retire, then I
can start thinking of retiring.

[dmj4]

dmj4
Sure you want to retire, I do some computer work for a tax preparer, she just turn 96 this year, does some bookkeeping for Corporation and handful of individual taxes. Soon as she retire, then I
can start thinking of retiring.

She is amazing! Thanks for sharing. If she is taking new clients I may ask her to do my return.