An ITIN is issued to an NRA who is required to file a U.S. income tax return. Generally, NRAs are required to file a U.S. tax return if they have U.S. source income such as rental income or gains on the disposition of real estate. In order to comply with U.S. tax filing obligations, the NRA must apply for an ITIN by preparing Form W-7. The application process for ITIN can be rather cumbersome, as it requires that the individual provides original documentation or certified copies by the issuing agency for proof of identity. Common documentation used for identification purposes includes the individual’s passport, birth certificate and driver’s license, which may be held by the IRS for up to 60 days. Luckily, the process of obtaining an ITIN can be streamlined by utilizing a Certified Acceptance Agent (CAA) such as Lancaster & Reed, who can review and certify the identity of the NRA and return all original documents immediately while assisting in preparation of Form W-7 during a short office visit.
ABOUT THE AUTHOR
› Jennifer Wanner, CPA, M. Tax, is the Tax Manager at Lancaster & Reed in Key Biscayne. She specializes in U.S. tax compliance for high-net wealth clients and foreign investors with U.S. filing obligations; Lancaster-CPAs.com.
Put valuable sources of fiscal info in your pocket (or briefcase) with these handy smartphone/tablet mobile apps that will appeal to both the sophisticated investor and the newbie looking to shorten the learning curve.
Keep your finger on the pulse of the U.S. economy with FRED (Federal Reserve Economic Data). The amount of available info is astounding, compiled from 150,000 data series from regional, national & international sources.
We all see the heat maps on television based on the current trading session. The Heat Map app allows creation of selectable metrics including those furthest from a 52-week low, the most away from their price average and more.
New to investing in stocks? An old investing pro looking to give your kid a no-risk, hands-on market education? ChartIQ provides multiple environments utilizing historical data to practice realistic trading.