Do You Need to Renew Your ITINs?

August 27, 2018
ITIN

If you have an Individual Taxpayer Identification Number (ITIN), it may need to be renewed before the end of the year.

By Bethany Bouw

As we head into the tail-end of summer, it is good to take a moment to pause and consider if you need to renew your ITIN before the end of the year. The last thing anyone wants is to find out that their ITIN is expiring and there is no time left to renew. In accordance with the Protecting American’s from Tax Hikes Act of 2015 (the PATH Act), ITINs that have not been used on a federal return at least once in the last three years will expire on December 31, 2018. Additionally, ITINS bearing specific middle digits are also due to expire on the same date. The IRS is encouraging taxpayers to renew their ITINS as soon as possible to avoid delayed tax refunds and return processing. Read more

10 Tips for Reporting Certain Foreign Corporations

July 25, 2018
Form 5471

Reporting Form 5471 may be confusing, though it is necessary for many who own foreign corporations.

By Bethany Bouw, CPA

Foreign corporations sound innocuous enough but when you delve into the reporting requirements it opens up a Pandora’s box of complex tax issues. There are so many aspects to consider in preparing to report foreign corporations and there has been a lot in the news lately regarding foreign corporations due to the new tax reform. Read more