Foreign Business Owners / Non-Resident Aliens – ITIN Renewal Reminder!

Foreign Business Owners / Non-Resident Aliens – ITIN Renewal Reminder!

| Aug 18, 2020 | Firm News

On August 12, 2020, the IRS updated their website to notify the public, especially individuals with Individual Taxpayer Identification Number (ITINs), that their ITIN may expire before they file a tax return in 2021. Specifically, the IRS indicated that all ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2020. Additionally, all ITINs issued before 2013 with middle digits of 88 will expire at the end of this year.

If you are an individual with an ITIN, need to file a tax return in 2021, and your ITIN has expired or will expire before filing in 2021, then you should begin the ITIN renewal process now.

An
ITIN is a tax number issued by the U.S. Internal Revenue Service (IRS). The IRS
issues ITINs to individuals who are required to have a U.S. taxpayer
identification number, but otherwise do not have, or are not eligible for a
Social Security number (SSN). An ITIN allows a nonresident alien to file a
federal tax return and potentially participate in government programs.

Please
visit the IRS for further details.