Summer is in full swing here in the Northern Hemisphere, not without its intense heatwaves and a need for caution. So why not take this opportunity to dive into some important information regarding ITINs and the 2017 Tax Cuts and Jobs Act? Let’s explore the key points and updates you need to know for 2019:
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ITIN Requirements and Updates:
- Applicants for Employer Identification Numbers now need either a SSN or ITIN.
- Non-resident individuals in US partnerships require an ITIN for tax filing.
- ITINs play a crucial role in claiming tax benefits and filing jointly with a spouse.
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2019 Changes for ITINs:
- ITINs not used between 2016-2018 will expire by the end of 2019.
- ITINs with specific middle digits will also expire in 2019.
- Expect a CP48 notice for ITIN renewal from the IRS if needed.
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Renewing Your ITIN:
- Renew your ITIN if middle digits are 83, 84, 85, 86, or 87.
- Use Form W-7 and original identification documents for renewal.
- Spouses or dependents abroad also need to renew when required.
- Process to Renew ITIN:
- Renew via mail with Form W-7 and certified identification documents.
- Utilize Certified Acceptance Agents for a secure renewal process.
- Schedule an appointment at an IRS Taxpayer Assistance Center if needed.
In conclusion, maintaining your ITIN is crucial for tax filing and claiming benefits. Stay updated on the renewal requirements and process to ensure smooth tax operations in the upcoming year. If you have any queries or need assistance, contact a tax professional for guidance. Stay informed, stay compliant!
