Monthly Archives: May 2016

Effective January 1, 2013, the IRS has updated procedures that affect the Individual Taxpayer Identification Number (ITIN) application process.

TAXPAYER IDENTIFICATION NUMBER

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a range of 70-88 in the fourth and fifth digit. IRS issues ITINs to individuals …

People who live and work outside the United States may be able to exclude all or part of their foreign-source wages and self-employment income from the federal income tax through a provision called the foreign earned income exclusion. To qualify for the foreign earned income exclusion, a person needs to:
•Work and reside outside the United States, and
•Meet either the Bona Fide Resident or Physical Presence tests.

Persons who qualify are eligible …