ITIN (Individual Taxpayer Identification Number) Service:

Obtaining an ITIN is crucial for individuals who are required to file taxes or conduct business in the United States but aren't eligible for a Social Security Number (SSN).

As a Certified Public Accountant (CPA) firm accredited by the IRS and recognized in multiple European countries, PIK CONSULTING understands the complexities of international tax regulations. Our expertise enables us to guide clients seamlessly through the ITIN application process, ensuring compliance with IRS requirements and minimizing potential delays or rejections. By entrusting us with your ITIN needs, you can navigate the U.S. tax system confidently, whether you're a non-resident alien, a dependent of a U.S. citizen, or another eligible individual.

Why It's Necessary:

Obtaining an ITIN (Individual Taxpayer Identification Number) is essential for navigating various aspects of financial and tax-related activities in the United States, from filing taxes and securing employment to opening bank accounts and participating in real estate transactions. Below is a list of reasons for obtaining an ITIN number.

Filing Taxes: Individuals who are required to file U.S. tax returns but are not eligible for a Social Security Number (SSN) need an ITIN to meet their tax obligations.

1. Employment: Some employers may require an ITIN for tax withholding purposes, especially for non-U.S. citizens or residents working in the United States.

2. Opening Bank Accounts: Many financial institutions require an ITIN to open bank accounts, obtain credit cards, or secure loans.

3. Securing Loans and Mortgages: Individuals seeking loans or mortgages in the U.S. may need an ITIN as part of the application process.

4. Scholarships and Grants: Non-U.S. citizens or residents applying for scholarships, grants, or financial aid in the United States often need an ITIN for identification purposes.

5. Real Estate Transactions: Individuals involved in real estate transactions, such as buying or selling property, may need an ITIN for tax reporting purposes.

6. Starting a Business: Non-resident aliens or foreign entities starting a business in the U.S. may need an ITIN to comply with tax regulations and obtain necessary permits or licenses.

7. Spousal and Dependent Tax Filings: Non-working spouses or dependents of U.S. citizens or residents may require an ITIN to be claimed on their tax returns.

8. Retirement Accounts: Non-U.S. citizens or residents contributing to retirement accounts in the U.S., such as IRAs (Individual Retirement Accounts), may need an ITIN for tax reporting purposes.

9. Compliance with U.S. Tax Laws: Obtaining an ITIN ensures compliance with U.S. tax laws and helps individuals avoid penalties for failing to file tax returns or provide accurate taxpayer information.

10. Receiving Tax Refunds: Individuals who are eligible for tax refunds but do not have an SSN can only receive refunds by filing tax returns with an ITIN.

11. Participating in Tax Treaty Benefits: Some tax treaties between the U.S. and other countries allow for certain tax benefits, which may require individuals to have an ITIN for documentation.

12. Completing W-8BEN Forms: Non-U.S. persons receiving income from U.S. sources, such as dividends or rental income, may need an ITIN to complete IRS Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting.

Process:

1. Completing W-8BEN Forms: Non-U.S. persons receiving income from U.S. sources, such as dividends or rental income, may need an ITIN to complete IRS Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting.

2. Gather Required Documents: Along with Form W-7, you'll need to submit supporting documents that verify your identity and foreign status. These may include a valid passport, national identification card, or other government-issued identification documents.

3. Certify Documents: Original identification documents or certified copies must be submitted with Form W-7. If you're unable to provide original documents, you can use certified copies issued by the issuing agency.

4. Submit Application: Once you've completed Form W-7 and gathered the necessary documents, you can submit your application by mail or through an IRS-authorized Acceptance Agent or Certified Acceptance Agent.

5. Wait for Processing: After submitting your application, the IRS will process it and issue an ITIN if everything is in order. Processing times can vary depending on the time of year and the volume of applications received.

6. Receive ITIN: Once your application is approved, you'll receive your ITIN from the IRS via mail. This number will be used for tax filing purposes and other financial transactions in the United States.

7. Keep ITIN Active: It's important to use your ITIN when required for tax filing and to ensure it remains active. If you don't use your ITIN on a federal tax return at least once in three consecutive years, it may expire.

8. Renew ITIN if Necessary: If your ITIN has expired or if you need to update your information, you may need to submit a renewal application or request changes to your existing ITIN.

By following these steps and leveraging the expertise of our Certified Acceptance Agents, you can successfully obtain an ITIN to fulfill your tax and financial obligations in the United States. Whether you need assistance with completing Form W-7, gathering required documents, or navigating the submission process, PIK CONSULTING can help you walk through all the different steps with confidence and ease.