ALL >> Business >> View Article
Individuals Affected By The Changes In Tax Laws Need An Itin Renewal
Total Articles: 60
An ITIN is basically a nine digit number issued by the IRS to the resident aliens and nonresident foreign nationals, who does not possess a Social Security Number, for executing the various taxes related activities in the United States. Apart from that the individuals use this number as a legal identity proof regardless of their immigration status when applying for a bank loan, open a business or ensure some other health insurance plans. It begins with the number 9 and has a combination of fourth and fifth digits ranging from 50 to 65, 70 to 88, 90 to 92, 94 to 99. Previously, individuals applied for and received an ITIN only once. But under the new law passed by the PATH act, millions of immigrants are required to renew it in order to avoid several tax obligations.
The IRS emphasizes that fact that there are two groups of ITIN holders. The first includes all those taxpayers who have not used their ITIN on a federal tax return for the last three years must renew their ITIN before filling the 2016 tax return. Second the individuals who have an ITIN that was issued before 2013 will begin to expire based on its middle digits. Not renewing an expired ITIN can result in delay of the refunds as well as the ineligibility in applying for certain tax credit like the Child Tax Credit or some other additional penalties.
Since ITIN runs parallel to the tax preparation services both the applicants, their dependent spouses, and children can claim for an ITIN renewal. In that case they must provide a valid reason for renewing it. The applicants need to fill up the form W7 and provide all the necessary documentation, including passport, civil birth certificates, US or foreign voter card, driving license and a State ID. Usually in these ways individuals can submit the renewal package.
• Mail their application form W7 to the office of IRS along with all the necessary, original and certified documents attached to it. The original documents are returned back to the candidates within 60 days.
• Take the assistance of various certified acceptance agents or acceptance agents around the world. These agents are basically individuals, business institutes who work in a written agreement with the IRS for verifying all the documents submitted. Then they send the certified authenticated copies to the IRS for processing.
• Make an appointment with the IRS tax assistance centers nearby in lieu of mailing all the original documents.
There are a number of other sources available to help the applicants for renewal programs. The IRS is also working closely with a variety of partner groups in order to share information about the ITIN renewal services to raise an awareness among the people about the new guidelines to be followed. Steps have also been taken to make the entire process more simplified like provision of a family renewal option in which applicants having an ITIN with the middle digits of 78 and 79 can choose to renew the ITIN for the whole family instead of waiting to renew them individually. It takes nearly 7 weeks to process the ITIN renewal. Also, individuals applying for renewals need not attach a tax return along with the form. Offering renewal services ensure goodwill for the existing tax preparation business as it is an extended part of ITIN program.
Author Bio: George Mathew has 39 years of experience of working as an accountant for ITIN4ME, a tax processing company authorized by the IRS, offering ITIN renewal services.
Business Articles1. Which Steps Are To Be Followed To Ensure Efficient Wastewater Recycling System
Author: Steve Cherng
2. Valhalla Mining Offers: What We Offer And Who We Are
3. Should I Invest In Bitcoin In 2017? Here’s What You Need To Know
4. Our Cryptocurrency Exchange And Bitcoin Mining Services Are The Best
5. How Does Cryptocurrency Ming And Bitcoin Mining Work?
6. Valhalla Mining - Service Overview, Technology, For Sellers, For Buyers The Benefits Of Cryptocurren
7. Can You Make Profit With Bitcoin And Cryptocurrency Mining? Is Bitcoin Mining And Cryptocurrency Min
8. A Beginners Guide To Cryptocurrency Mining: What Should You Know?
9. Popular Established Sites That Appreciate Bitcoins And Cryptocurrency Mining.
10. Disadvantages Of Cryptocurrency Mining
11. 4 Reasons Why Merchandising Plays An Important Role In Retail Sales
Author: Lily Alvin
12. Have You Ever Read About Digital Currency Mining?
13. Buying And Investing In Cryptocurrency
14. Elucidation Of Bitcoin Cloud Mining
15. Get Better Returns Than Stock Market And Real Estate Through Bitcoin Mining