Do You Need To Reapply For Your ITIN?
For this week's Tip of the Week, the discussion is about Individual Taxpayer Identification Numbers and how they may be used, as well as some important recent changes - especially for those that may have expiring ITINs.
The following information is helpful to those individuals that use ITINs.
- An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9.
- The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain a Social Security Number (SSN) from the Social Security Administration (SSA).
- ITINs are issued regardless of immigration status because both resident and nonresidents may have a U.S. filing or reporting requirement under the Internal Revenue Code.
- Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN, unless they meet an exception.
- All ITINs not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return as of January 1, 2017.
- Additionally, all ITINs issued before 2013 will begin expiring this year, starting with those with middle digits of 78 and 79 (Example: (9XX-78-XXXX).
- All expired ITINs must be renewed before being used on a U.S. tax return.
- Also, there are new documentation requirements when applying for or renewing an ITIN for certain dependents.
- An early submission of an ITIN application package may avoid unnecessary delays and allow for smoother and faster processing.
Do you need assistance submitting the application package? Contact FL-Accounting & Advisers for your complimentary consultation. We hope you enjoyed this week's Tips, please continue below for the Upcoming Events.