An ITIN is a nine-digit tax processing number issued by the Internal Revenue Service to help immigrants comply with U.S. tax laws and provide a means to effectively process and account for tax returns. taxes and payments of those who are not eligible for the Social Security Number. . People use this number as a legal identity card to open interest-bearing bank accounts, obtain a driver’s license, apply for home mortgages, and sign up for certain health and insurance plans. However, it is not a business or corporate tax identification number and does not work for a work license.
Since ITIN goes hand in hand with the tax preparation business, both resident aliens and non-residents can obtain an ITIN, but they must have a filing requirement and submit a valid income tax return. These cases can include:
• A nonresident alien citizen who owns or invests in the US business and receives a certain amount of taxable income from that business but resides in another country.
• A foreign student or academic who is willing to apply for scholarships and stipends and has qualified as a US resident.
• Dependent or spouse of a US citizen or resident alien
• Dependent or spouse of a non-resident alien visa holder
ITIN services not only help build a tax base by allowing more people to pay into the system, but also allow more services to be offered to existing clients. Applicants must complete the W7 form which they can pick up at the social security office along with a completed tax return and submit it to the IRS to receive an ITIN. When the application is approved, the ITIN is sent to the respective applicants by mail. Also, the IRS does not accept notarized copies of documents from applicants for an ITIN. Only the original copies of 13 documents listed by the IRS should be submitted to verify identity and alien status. These documents include national identification cards containing the applicants’ name, address, date of birth, voter cards, driver’s license, state identity card, passports, and visa. ITIN applications are submitted through paper submission processes only. The application process is very similar to tax preparation and the form is completed in English.
There are several sources available to help people receive an ITIN. The IRS also provides additional certification, such as acceptance agents, that streamlines the traditional filling process. These agents are authorized organizations that help all foreign immigrants to obtain their ITIN cards by reviewing and verifying the original documents presented by the applicants and sending the authenticated documents to the respective IRS office for further processing. These agents also receive an ITIN card on behalf of the applicant. Individuals can also reapply and renew their cards should they expire after three consecutive years or are lost.