Monthly Archives: April 2017

What Do I Do If My ITIN Expired January 1?

If your Individual Taxpayer Identification Number (ITIN) expired on January 1, 2017, keep in mind that you may still renew your number, but you must renew your number in time to file your 2016 tax return in a timely fashion. Also, there are new documentation requirements when applying for or renewing an ITIN for certain dependents.

This delay in renewal will likely cause some inconvenience. According to the Internal Revenue Service, you may expect the processing of your renewal application and yearly tax return to take a little longer than usual. This, of course, will cause any potential refund to be delayed. An experienced tax professional may assist any individual with the need to renew his or her ITIN.

Beware Of Disclosure And Failure To File Penalties!

Entities such as trusts and exempt organizations face penalties for failing to meet disclosure deadlines or file tax returns. A tax professional qualified with the necessary and required knowledge and experience may assist all taxpayers, whether an individual or business, meet all requirements related to filing and disclosure. Hopefully, this occurs well before any deadline, but even if delinquent, a tax professional’s assistance is valuable, perhaps even more so at this point in time.