This course provides comprehensive tax preparer training on the details of handling non-citizen taxpayers and their tax identification numbers known as ITINs (Individual Taxpayer Identification Numbers). This ITIN tax preparation course bundle consists of 3 unique training courses breaking down the details and common areas of concern when filing U.S. tax returns for your immigrant clients.
- ITIN Basics
- ITIN updates - PATH act and TCJA impact on immigrant tax filing
- ITIN Application Process - Hands-on working with form W7, mock scenarios and best practices for before, during and after the immigrant tax filing process.
Many tax preparers overlook or are not comfortable enough in the processes to take advantage of the opportunity to expand their business and provide a valuable service to this immigrant segment of the tax filing market. This course bundle targets getting you up to speed on providing comprehensive immigration tax services to clients who DO NOT have social security numbers and are not eligible to get one. Learn to prepare and file tax returns for your immigrant clients who already have ITINs; help them apply or renew their ITINs; learn time saving methods for completing form W7 and what to expect along throughout the ITIN process.
ITIN stands for Individual Taxpayer Identification Number. ITINs are used by taxpayers who need to file or be included as a dependent or spouse on a US tax return. ITINs are substituted in place of social security numbers for individuals who are not eligible for a SSN. Taxpayers can use their ITINs to e-file their tax return, establish bank accounts, form businesses, along with many additional financial and social benefits.
Changes to the ITIN Program
The only thing consistent in the world of ITIN tax processing is the constant change, and it seems like no two ITIN application scenarios seem to be alike! Both major recent tax law changes, the PATH act and the TCJA both addressed and impacted ITIN processing. This training bundle will educate you on these changes and how they impact ITIN filing in the real world. Should you claim dependents in Mexico or Canada? Will ITIN holders get credits for dependents? Are ITIN holders entitled to EIP or stimulus payments and other Government relief payments? These questions along with many other common issues will be addressed in the training courses and updated annually.
Filling out the ITIN Application
IRS Form W7 is the application and renewal form used for ITINs. We will walk through common scenarios for taxpayer, spouse, and dependent W7 applications and renewals along with identifying common errors and omissions that can cause added delays to the W7 process. We will get hands on with completing the form, the secondary worksheets, and processing and verification of Identification documents.
Filing ITINs as a CAA vs Traditional
Did you know you can expedite the ITIN application and/or renewal processing for your clients? Yes, you can! We will detail the benefits and additional services you can provide your immigrant clients by becoming a CAA (Certifying Acceptance Agent). Cut the immigrant ITIN processing time by more than half and allow your clients the peace of mind where they DO NOT have to mail their passports to the IRS! The best part of becoming a CAA: The IRS will refer clients to you! With over 20 years in the tax preparation industry this is the only area we have ever seen this!