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  • Could Your ITIN Expire in 2016

  • So You Missed the FBAR Filing Deadline, Now What Do You Do?

  • Could Your ITIN Expire in 2016

    On August 4th the IRS announced a very important change to tax law, related to International Taxpayer Identification Numbers or ITIN's. A non-resident with an ITIN, maybe required to renew their ITIN's this coming October 2016.

    So what exactly are the new rules behind who has to renew their ITN's.  The IRS breaks this down into two groups: 1. Unused ITIN's and 2. Expiring ITIN's. The rules according to the IRS are as follows:

    • Unused ITINs. ITINs not used on a federal income tax return in the last three years (covering 2013, 2014,or 2015) will no longer be valid to use on a tax return as of Jan. 1, 2017. ITIN holders in this group who need to file a tax return next year will need to renew their ITIN's. The renewal period begins October 1, 2016.
    • Epiring ITINs. ITINS issued before 2013 will begin expiring this year, and taxpayers will need to renew them on a rolling basis. The first ITIN's that will expire under this schedule are those with middle digits of 78 and 79 (Example: 9XX-78-XXX). The renewal period for these ITINs begins October 1, 2016. The IRS will mail letters to this group of taxpayers starting in August to inform them of the need to renew their ITINs if they need to file a tax return and explain steps they need to take. The schedule for expiration and renewal of ITINs that do not have middle digits of 78 and 79 will be announced at a future date.

    In order to renew your ITIN you should contact your Certified Acceptance Agent for details.

    Mario Beckles, CPA | 09/04/2016