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.
We’re in an era in which more small businesses are launching like wildfire. Many people find starting a small business of their own as easy as a piece of cake. However, most of the time, what they fail to prioritize are some of the major players involved in smoothly operating their small business. A...
Do you know why most married taxpayers go for filing joint tax returns? It’s actually because of the benefits that it offers. But with joint tax returns, both the filers hold the responsibility for the tax bill or any penalties and interest that arise from it. Both are legally responsible for the entire liability, even...
What if you owe so much in taxes that you can’t see your way out of it? If you owe back taxes, you might not think there is a way you can ever pay things off. And the more those back taxes have accumulated, the deeper the hole. But that doesn’t mean you can’t dig...
Tax Audits are one of the most terrifying things a taxpayer can endure. Most taxpayers don’t know what being audited by the IRS entails and usually don’t know what to do if they are audited. IRS audits can be confusing to most taxpayers as most don’t know what the IRS is looking for when they...
Receiving a letter from the IRS can be intimidating, especially if you’re unsure what the notice is for or what to do next. Fortunately, many notices are nothing to worry about and are purely informative. Below, we look at everything you need to do — and what not to do — after getting a notice from the...
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...