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Have an ITIN? Renew It Now

10/24/2017

1 Comment

 
Have an ITIN? Renew It Now
​If you have an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number (SSN), you might need to act now or you'll be unable to file a tax return for 2017. Here is what you need to know.

What to Know about ITINs

ITINs are identification numbers issued by the federal government for people who are not eligible to receive a SSN. An ITIN can be used to file tax returns and is also a form of identification often required by banks, insurance companies, and other institutions. Unfortunately, ITINs are also a source of identity fraud. To fight this, the 2015 PATH Act made considerable modifications to the program. Now many ITINs will expire if not renewed by December 31.
  • No ITIN, no problem. ​If you do not have an ITIN, but have a SSN, this expiration will not affect you.
  • ​No tax return in past three years. ITINs that have not been used to file a tax return at least once in the past three years will automatically expire on December 31.
  • Specific middle digit numbers expire. ​The new law creates a rolling expiration date for all issued ITINs. The crucial number to look for is in this position: 9xx-XX-xxxx. If it's a 70, 71, 72, or 80, you'll need to renew it. Last year the middle digits of 78 and 79 expired.

Renew Your ITIN

​Don't wait until the last minute to realize your tax return has been rejected and your refund delayed because of an expired ITIN. To renew, fill out Form W-7 with the required support documents. To learn more, visit the ITIN information page on the IRS website.
1 Comment
itin application link
4/15/2018 12:33:26 pm

Wow! really nice news for me. Actually, ITIN can be used to file tax returns and is also a form of identification often required by banks, insurance companies, and other institutions. I am very happy to know about ITIN renew details.

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Ellsworth & Associates, Inc. CPAs
513.272.8400
Cincinnati: 9624 Cincinnati Columbus Road, Suite 209, Cincinnati, OH 45241

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© 2017 Ellsworth & Associates, Inc.
  • About
  • Services
    • Tax Preparation
    • Financial Planning
    • Accounting
    • Outsourced Accounting
    • Business Consulting
  • Individuals
    • Individuals
    • Real Estate Investors
    • Clergy
    • Business Owners
    • Professionals
  • Businesses
    • Small Businesses
    • Mid-Size Businesses
    • Real Estate Investors
  • Organizations
    • Churches
    • Non-Profits
  • Resources
    • Pay Your Bill
    • Tax Resources
    • E-File
    • Real Estate Resources
  • Contact
    • Contact Us
    • FAQ
    • Review Us
  • Login