100+ Years of Combined Tax Resolution Experience.
Here at Polston, we accommodate our vast tax expertise to any situation our clients might face. Today’s blog post is for any of our clients that don’t have a Social Security Number, and instead have an ITIN. ITIN stands for Individual Taxpayer Identification Number, and is used by the IRS to identify taxpayers who are obligated to pay taxes but do not have, and cannot legally obtain, a SSN. If you’re an ITIN holder and you need to file a tax return in 2017, you may need to renew your ITIN.
You Do Not Need to Renew If:
You Do Need to Renew If:
If you do not renew, your ITIN will expire January 1, 2017.
How Can I Renew my ITIN?
In order to renew an ITIN, a taxpayer must fill out a Form W-7, an ITIN application form. In addition to your form, include any required documents, such as a passport, driver’s license, or USCIS documentation. Any documentation you send must be official and current. Once you have filled out and attached everything you need, there are three ways to submit your W-7 application:
First, you can mail it in, along with any identification documents you need. The recipient address will be listed on the W-7 instruction sheet, and any documents you send will be returned to you within 60 days.
Or if you prefer, you can work with a Certified Acceptance Agent (or CAA), third-party organizations that the IRS has authorized to assist taxpayers with their ITIN applications. CAAs will review all ITIN application documents for the original taxpayer, and any passports or birth certificates for dependents. The CAA will verify that all information is correct, and submit it to the IRS.
Lastly, you can always reach out to an IRS Taxpayer Assistance Center, instead of reaching out to the IRS directly.
Or, you can always speak with the attorneys at Polston. If we’re unable to help, we will guide you towards someone that is. Be sure to browse our services page and fill out the form for a free consultation. Or give us a call at 844-841-9857.
The Internal Revenue Service (IRS) is increasing audits on cannabis businesses — the agency is on a mission to ensure that cannabis businesses adhere to the tax code. Unfortunately, cannabis companies must comply with more strict tax laws than other businesses and can claim fewer deductions. Most business owners don’t realize this or aren’t able to meet the reporting responsibilities on their own. If you own a business in...
The world of tax laws is a complex maze, and the IRS statute of limitations is your guide. It tells you how long the IRS has to audit your tax returns and collect any money you might owe. Knowing this timeframe is essential. It’s your protection against the IRS coming after you years down the...
If you and the Internal Revenue Service (IRS) disagree on an outcome or decision involving your tax matter, you can legally appeal their decision. IRS tax appeals allow you to state your case to the IRS appeal division for another evaluation. Whether you need to dispute a tax penalty, assessment or other decision from the...
One of the keys to business success is understanding the tax rules and how they apply to or affect your company. In states where marijuana is legal for medical or recreational use, there are usually special taxes that apply to the sale of the drug. If you’re considering opening a dispensary or own one already,...
The landscape of cannabis taxation is as dynamic as the changing tides of its legal status across various jurisdictions. Entrepreneurs and consumers alike must navigate a complex maze of federal and state tax regulations that often clash or overlap, especially as more states join the roster of cannabis-legal states. Businesses entrenched in the burgeoning industry...
Sales tax can be a daunting topic for any business owner, especially if your organization sells across state lines. Knowing the ins and outs of sales tax law is essential for staying compliant and avoiding fines, and it can help you set up your business to meet the requirements of different states, including sunny Florida....