An ITIN is NOT a Valid Substitute for an Employment Authorization Document (EAD) to Work in the USA

Individual Taxpayer Identification Numbers (ITINs) do not authorize you or anybody for that matter to work in the United States. Simply put they are not valid for employment purposes. However, if you are required to file a U. S. Federal

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Posted in International Tax, ITIN

Foreign Investment in Real Property Tax Act and Your TIN – IRC 897, 1445; TD 9082; IRS Form 8882, W-7

As part of an IRS Examination under the Foreign Investment in Real Property Tax Act (FIRPTA) you absolutely must have a Taxpayer Identification Number (TIN) to mitigate 26 U.S. Code § 1445 - Withholding of tax on dispositions of United States

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Posted in 1031 Exchange, Asset valuation, FIRPTA, Foreign Income, Foreign Investment, Immigrant, ITIN

Top 10 Answers to Frequently Asked ITIN Application Questions – IRS Form W-7

Generally speaking the most common answers to ITIN questions I have been getting recently regarding IRS Form W-7 are as follows: If you have a VISA that is valid for employment and you will be employed in the U.S., you should

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Posted in ITIN, Taxpayer Identification Number

Exceptions to the requirement that a U.S. Federal Income Tax Return Accompany an ITIN Application – IRS Form W-7

You can indeed claim an exception to the requirement to submit an original U.S. Federal income tax return with IRS Form W-7 - ITIN Application, all you need is substantiated proof of your claim. So what are the exceptions allowing for the

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Posted in Foreign Income, ITIN, Taxpayer Identification Number

What is an ITIN? T.D. 8671, 1996-1 C.B.314

In 1996, the U.S. Treasury Department issued T.D. 8671, 1996-1 C.B.314 introducing the ITIN - Individual Taxpayer Identification Number - requiring people foreign to the USA to use a unique identification number on their United States federal income tax returns. These

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Posted in FBAR, International Tax, ITIN, Taxpayer Identification Number

US Taxpayer Identification Number; Attn London, Paris, & Frankfurt: IRS Form W-7

IRS assistance is 'advertised' as being available to help you prepare your IRS Form W-7. If like the majority of the other people on this planet you haven't found the instructions worth their salt the IRS advises that you call 1-800-829-1040. BAHOOT!

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Posted in International Tax, ITIN

Worthless Partnership Interests & Intangible Assets

We each value our limited time on this planet in our present life forms differently based on what "things" are "worth" to us. If you really believe you "need" some "thing" you might find yourself going to the end of the

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Posted in Asset valuation

Why to Revoke An S Election and How to Do It – Internal Revenue Code Section 1362(d); Reg § 1.1362­6(a)

Many entrepreneurs get caught up in selecting the "most appropriate business structure" - particularly people planning to conquer the moon right out of the gate. If this is you beware as business structure is a determination that is best driven out

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Posted in Employment Tax, Entity Classification, Paying Taxes, Payroll Tax Problems, Penalty, Small Business, Social Security, Social Security Tax, Sole Proprietor, Start up costs, Sub-chapter S, Tax Abuse, Tax Guidance & Preparation, Tax Problems & Requests

Defining Small Employer with Regards to Offering Health Insurance

Many business owners of all sizes have been posting to this blog lately with concerns about offering minimum essential health insurance coverage for their employees. It is indeed a complex topic full of both pitfalls and opportunities. When you drill down into the

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Posted in Affordable Care Act, Business Expense, Corporation, Employee Business Expense, ObamaCare, SHOP, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses
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