ITIN Processing

ITIN (Individual Taxpayer Identification Number) is a 9-digit number issued by the U.S. Internal Revenue Service (IRS) to individuals who are required for U.S. federal tax purposes to have a U.S. taxpayer identification number but who do not have and are not eligible to get a Social Security number (SSN).

Important reminders :

Expired ITINs: If your ITIN wasn't included on a U.S. federal tax return at least once for tax years 2020, 2021, and 2022, your ITIN will expire on December 31, 2023. ITINs with middle digits (the fourth and fifth positions) "70," "71," "72," "73," "74," "75," "76," "77," "78," "79," "80," "81," "82," "83," "84," "85," "86," "87," or "88" have expired. In addition, ITINs with middle digits "90," "91," "92," "94," "95," "96," "97," "98," or "99," IF assigned before 2013, have expired.

Note: If you previously submitted a renewal application and it was approved, you do not need to renew again. Otherwise, you should submit a completed Form W-7, ITIN, US federal tax return, and all required identification documents to the IRS.

Information returns: If your ITIN is only being used on information returns for reporting purposes, you don't need to renew your ITIN at this time. However, in the future, if you need to use the ITIN to file a U.S. federal tax return, you will need to renew the ITIN at that time.

ValuesTax provide assistance in applying / filing ITIN to our clients absolutely at no cost.

FBAR Compliance

FBAR (Foreign Bank Account Reporting) is a form that IRS requires tax payers to file and comply with the requirements for reporting FBAR to Tax authorities in United States. If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

Who must file :

A U.S. person, including a citizen, resident, corporation, partnership, limited liability company and estate, must file an FBAR to report:

a financial interest in or signature or other authority over at least one financial account located outside the United States if

the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported

FATCA Compliance

FATCA (Foreign Account Tax Compliance Act) requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return. The reporting threshold is higher for certain individuals, including married taxpayers filing a joint annual income tax return and certain taxpayers living in a foreign country.

Who must file :

Taxpayers living in the United States. You must file Form 8938 if you must file an income tax return and:

You are unmarried and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year

You are married filing a joint income tax return and the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year

You are married filing separate income tax returns and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year

Tax Representation

Tax Representation, also called audit defense, is a service in which a tax professional or legal professional stands in on behalf of a taxpayer during an Internal Revenue Service (IRS) or state income tax audit.

During an income tax audit or examination, the IRS and all states allow a taxpayer to have an authorized representative. Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. The types of representatives include attorneys, certified public accountants (CPA) and enrolled agents.

Any attorney, CPA, enrolled agent, enrolled actuary or other person permitted to represent a taxpayer before the IRS, who's not disbarred or suspended from practice before the IRS, may submit a written power of attorney to represent a taxpayer before the IRS.

ValuesTax offer FREE audit representation service to our valued clients.

Amendment Filing

After filing your original return, you may determine that you made an error or omitted something from your return. Although the IRS often finds and corrects errors during processing, there are certain situations in which you may need to file an amended return to correct an error or make other changes to your return.

Reasons to amend a return :

You should correct your return if, after you have filed it, you find that::

• You didn't report some income
• You claimed deductions or credits you shouldn't have claimed
• You didn't claim deductions or credits you could have claimed
• You should have claimed a different filing status

When to file an amended return :

Generally, to claim a refund, you must file an amended return within 3 years after the date you filed your original return or 2 years after the date you paid the tax, whichever is later. If you filed early, count from the April tax deadline.

ValuesTax Providing Amendment Filing to our clients.

Federal & State Filing

Do I Have To File a Return?

You must file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico
IF you meet the filing requirements for any of the following categories that apply to you:

• Individuals in general
• Dependents
• Certain children under age 19 or full-time students
• Self-employed persons
• Aliens

Even if you don't have to file, you should file a federal income tax return to get money back if any of the following conditions apply

• You had federal income tax withheld or made estimated tax payments
• You qualify for the earned income credit
• You qualify for the additional child tax credit
• You qualify for the premium tax credit
• You qualify for the American opportunity credit
• You qualify for the credit for federal tax on fuels

ValuesTax Providing Federal Tax Filing to our clients.

State Filing

State income tax is a direct tax levied by a state on income earned in or from the state. In your state of residence, it may mean all your income earned anywhere. Like federal tax, state income tax is self-assessed, which means taxpayers file required state tax returns.

• Forty-two states and Washington, D.C., impose a state income tax, although New Hampshire only taxes interest and dividend income and is phasing out that form of taxation
• State tax laws, rates, procedures, and forms vary greatly among states
• You must file a state tax return for every tax-levying state in which you earn income, though only the state in which you live can tax all of your income

ValuesTax Providing State Tax Filing to our clients.

Extensions of Time To File

You may be able to get an extension of time to file your return. There are different types of situations where you may qualify for an extension

Automatic extensions

If you can’t file your current year tax return by the due date, you may be able to get an automatic 6-month extension of time to file. You can get the automatic extension by: Using IRS e-file (electronic filing), or Filing a paper form

You are outside the United States

You are living outside the United States and Puerto Rico, and your main place of business or post of duty is outside the United States and Puerto Rico. You are allowed an automatic 2-month extension, without filing Form 4868, to file your return and pay any federal income tax due.

ValuesTax Providing Extension Filing to our clients.