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What does the IRS Do?
Who hasn’t heard about the term “IRS” Or ITIN and felt at least a little frisson of tension down the spine?
The Internal Revenue Service is the agency that collects tax revenue for the federal government.
It has the United States’ entire force and power behind it, and pretty much every citizen has to deal with it at least once a year in one way or another.
It’s the entity that’s behind all those deductions in your pay and those quarterly estimated tax payments you make if you’re self-employed. It has rules you must follow.
But that’s the big, broad, vague picture. The internal revenue service aids in the issuing of ITIN, EIN, etc. but that notwithstanding, there are other vital agencies certified by the IRS to assist in issuing ITIN and EIN of which one of those relevant agencies is Then.
Mollaei is one of the best and fastest tax ID on the internet today.
Before we gave you a brief of how Theitin works, their products and services, it’s pertinent to let you know about ITIN’s importance and importance of ITIN.
Individual Taxpayer Identification Number (ITIN)
Every person who receives income in the United States shall have an identification number for the taxpayer.
Under current procedures at the Social Security Administration, I am not eligible to work as an employee in the U.S.
And (ii) chooses not to work as an employee in the U.S. (e.g., a student) is not generally allowed to obtain a Social Security number. In such cases, the individual must apply for an Individual Taxpayer Identification Number or an ITIN.
Certain people are issued regardless of immigration status, as both resident and non-resident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code.
Non-resident students applying for an exemption from tax treatment for non-qualified (generally non-student) scholarships they receive must apply for an ITIN. That is because the tax form necessary for the tax treaty’s benefit requires the taxpayer’s identification number.
Employer Identification Number (EIN).
The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for identification.
When the number tends to be used for identification rather than job tax reporting, it is usually referred to as the Taxpayer Identification Number (TIN).
When used for reporting on employment taxes, it is typically referred to as the EIN.
Difference Between SSN and ITIN
Most newcomers need to know the difference between the Social Security Number (SSN) and the Individual Taxpayer Identification Number (ITIN).
Just because they need to work, get social security benefits, apply for bank accounts, file taxes, and so on.
You can do all this with a national identification number such as SSN or ITIN.
It’s common for many non-residents to get confused about both numbers. As to some extent, the SSN and the ITIN serve the same function.
However, bear this in mind: you can’t get them simultaneously, and each of these numbers is distributed differently and to different individuals.
Although some people use it interchangeably, there is a sharp difference between SSN and ITIN that everyone should know about. At the most basic level, the SSN is for U.S. citizens and non-citizens.
Authorized residents vary from F1 students to Green Card holders, but both types of ID require legal permission to work in the U.S. On the other hand, the ITIN is for foreign status residents.
It includes undocumented aliens and non-resident aliens engaged in business in the U.S. Let’s take a closer look at these terms to recognize them better.
What is SSN: Social Security Number?
The Social Security Number is issued by the Social Security Administration ( SSA) and is like a personal ID for most Americans.
It is given to individuals born in the United States or registered to work in the United States. It is a nine-digit ‘XXX-XXXX’ format.
Its primary objective is to monitor individuals through a wide range of services provided by the United States Government.
This number is being used by the government to keep track of life earnings and the number of days worked.
Therefore, if you ever need to receive benefits when you retire, the government will use your number to determine your eligibility and calculate your payment.
When it comes to the Social Security Number benefits, it is one of the essential identification numbers in the U.S.
By using your SSN, you can:
- Apply for a visa
- Obtain credit and buy a home or a car
- Open a US bank account
- Get a driving license
- Benefit from private insurance
Please keep in mind that you should keep your Social Security Number or any documents that contain your SSN in a secure place.
What is ITIN: Individual Taxpayer Identification Number?
The ITIN is an Identification Number for Individual Taxpayers. It is a nine-digit number that allows you to file a tax return on income even if you do not have a Social Security number.
The ITIN is for tax purposes only; therefore, it can’t be used for identification purposes.
It probably means that having an ITIN does not allow you to take advantage of benefits such as Social Security or Earned Income Tax Credit, immigration status, employment in the United States.
What Can ITIN be used for?
IRS issues ITINs in other to help individuals comply with U.S. tax legislation and provide a means to process and account effectively for tax returns and payments for those not eligible for Social Security numbers.
They are issued irrespective of immigration status, as both resident and non-resident may have a U.S. filing or reporting criteria under the Internal Revenue Service Code. ITINs do not, in any way, serve any purpose other than the reporting of federal taxes. ITIN can be used
- To build a credit history.
- To apply for credit cards, auto loans, and other U.S. bank credits.
Who might need an ITIN? Let’s check below:
- Non-U.S. residents who need filing a tax return
- A resident of united states aliens who are required to file a tax return based on the number of days they
- Reside in the United States
- Dependents or the spouse of a United state citizen or resident alien
- Dependents or spouse of non-resident foreign visa holders
If you are living abroad, you can also apply for an ITIN. At theitin.com, you may start your ITIN application process right now!
An ITIN does not:
- Provide eligibility for Social Security benefits
- Authorize work in the U.S.
- Qualify a dependent for some Earned Income Tax Credit Purposes
The purpose of an ITIN is to quickly help individuals comply with the U.S. tax laws and provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers (SSN).
Who must apply for an ITIN?
An ITIN is an identification number issued by the IRS to enable a person to file a tax return.
The ITIN can be for a primary taxpayer, a spouse, or a dependent.
Not everyone is eligible for an ITIN! You must obtain a Social Security number if you are qualified to do so.
The IRS may require that you get a denial letter from the Social Security Administration if you have been admitted to the United States under a visa that allows you to work with approval from the Department of Homeland Security.
An application for an ITIN is most often submitted with a valid tax return to support the need for the individual to obtain an ITIN.
There are some of the few limited exceptions to these criteria. If you earn income especially in the United States but do not have or are not qualified for a Social Security Number, Affordable Accounting & Tax Solutions can help you apply for an ITIN and file tax returns.
For online business owners that deals with ecommerce and other businesses that works with payment gateways that requires ITIN.
Why you need an ITIN?
- It serves as your identification number for filing federal taxes.
- It allows you to get a refund of your IRS withheld income if you qualify.
- It allows you to file taxes and claim dependents that you support in the united states of America., Canada, or Mexico.
- You may be able to open a bank account with an ITIN.
How Theitin can help you
The ITIN Application Process makes applying for an ITIN simple. Being a Certified Acceptance Agent allows Theitin to review the necessary documents and forward the IRS’s completed forms.
One of the many advantages of using Theitin service is that they can quickly verify your original identity documents in house, removing the need to submit these original documents to the IRS as part of your application. Theitin is also able to co-ordinate with the IRS and answer any questions they may have.
Theitin understands that individuals may find dealing with their tax affairs to be a time consuming and often stressful process. It can be further complicated where their experiences involve expatriate matters such as holding offshore investments, relocating to the UK, or moving overseas.
Mollaeilaw can help ease that burden and guide you through the process of handling your tax and financial affairs in a cross-border, international environment.
Mollaeilaw can offer a wealth of experience and expertise to ensure that your matters are dealt with accurately, proactively, and are structured in a compliant and tax-efficient manner.
Mollaeilaw offers a proactive, efficient, and comprehensive tax service to individuals. It means that they practically like to call their Membership service.
Mollaeilaw believes in providing Its clients with quality advice to help them find the right solution for their tax position and guide them through each stage of our services.
Mollaeilaw has built its business success in the long term relationships with clients. Due to a culture where the team drives to perform and operate with the highest integrity and expertise to meet and exceed the client’s expectations.
The team of specialist advisors have a multi-cultural and multi-lingual background and practically uses its expertise to help our members structure their affairs correctly and tax efficiently.
Mollaeilaw believes in delivering its promises, and the team works hard towards achieving this every time they are engaged to provide their services.
They are receptive and responsive to their clients’ changing needs, which helps them deliver highly bespoke advice and planning that keeps their clients updated with various legislation changes.
Mollaeilaw pride Itself on offering a very personal service tailored to the specific needs of its members.
They believe that the best way to handle your affairs is to establish an on-going relationship with you, allowing them to recognize the issues that affect you and tailor their services appropriately for your circumstances.
In this regard, you will be assigned a specific client relationship manager to ensure that your affairs are handled efficiently and consistently on an on-going basis.
Do I Need An ITIN?
If the following applies to you, then you need an ITIN.
- You do not have an SSN, and you are not eligible to obtain one, and
You are required to provide a federal tax identification number or file a federal tax return, and
You’re in one of the categories below.
- Dependent or spouse of a United state citizen / foreign resident
- U.S. resident alien who is filing a U.S. tax return (based on days present in the United States)
- Dependent or spouse of the non-resident foreign visa holder
- Non-resident alien claiming a tax treaty benefit
- A non-resident who is required to file a U.S. tax return
- Non-resident alien student, professor, or researcher filing a U.S. tax return or claiming an exception
If so, then you must apply for ITIN.
Is it safe to use an ITIN?
Usually, yes. The IRS has robust privacy protections in place to ensure that any immigrants who report their income and file their taxes are not at risk of sharing their information.
Under Section 6103 code of the Internal Revenue Service, the IRS is generally prohibited from disclosing information to taxpayers, including other federal agencies. However, there are exceptions.
For example, the IRS is required to disclose information to individual U.S. taxpayers.
Employees of the Treasury Department when they request it for tax administration purposes or to other federal agencies where it is necessary for a non-tax criminal investigation and the federal court has ordered it to be made available.
Why choose Theitin over doing it yourself?
To obtain an ITIN, the IRS requires the original documentation. It means sending your passport or another identification document to the IRS office in Austin, Texas, for 1-2 months. As a Certified Acceptance Agent (CAA), Theitin can verify your documents’ authenticity and submit your application.
You’re not going to be without your documents for more than 5-10 minutes.
Persons who are not trained in submitting the W-7 application for an ITIN often make mistakes resulting in the ITIN application’s refusal.
It may lead to more paperwork over months or result in the loss of certain tax deductions or refunds.
As a CAA, Theitin is trained to submit a W-7 and give you the most support to get an ITIN from the IRS.
Theitin Online Simple Process
Mollaeilaw online process is as simple as ABC and can quickly be done anywhere without any hassle or difficulties. All our methods are online, and you can get it done from the comfort of your home.
Dedicated Team Ready
Theitin is made of a top-notch professional and well experienced dedicated team. Its team works round the clock to give its clients the best ITIN services they can ever expect.
Experienced IRS Certified Agent
At Mollaeilaw, there are lots of high experience and qualified IRS agent. Its agents can take you through your ITIN process with or without your presence.
All Mollaeilaw agents are well trained with vast knowledge on the process of ITIN and all that concerns tax.
%110 Refund Policy
One fantastic thing about Theitin service is that you stand the chance of getting a refund if your desire is not met.
Mollaeilaw team guarantees a 110% refund policy, although this has never been experiencing base on the facts that with all the clients Mollaeilaw has worked with, none have gotten any reason to complain or ask for a refund.
Over 1000 Satisfied Clients
Mollaeilaw has worked with thousands of clients across the globe over the years, and feedback, it’s being noticed that all these clients are 100 percent satisfied with, none of them have any reason to complain or ask for a refund.
What makes Theitin difference:
Whenever the clients reach out, the Theitin team is always ready to discuss their situation extensively and precisely.
Mollaeilaw currently has the BEST PRICE on the market. Their price is very much affordable, and the good thing about it is that they offer real value at an affordable rate.
What more could be more exciting and inviting than this?
Mollaeilaw is one of the FASTEST on the market; they process and submit to the IRS within two days.
Mollaeilaw has a direct relationship with the IRS and is a Certified Acceptance agent; they are authorized and trained by the IRS.
Importance of Theitin
If you don’t in any way have a Social Security Number but need to file taxes in the United States, you’ll need to apply for an ITIN.
The sole reason for getting an ITIN is for tax requirements. It is because the IRS needs to collect taxes and keep track of taxpayers, regardless of whether they’re originally from the U.S.
You should get an ITIN, so you don’t get dinged with any tax penalties from the IRS. Plus, filling out the ITIN form is easy when you go through the ITIN W-7 Application website.
Benefits of Having an ITIN
Because you need an ITIN for taxes, you’ll also reap the benefits of being a taxpayer.
You may get a significant amount of money back through a tax refund from the IRS, depending on your employment.
Obeying the Law By obtaining an ITIN, you show that you’re following the U.S. government’s rules.
If you earn money in America, you should adhere to all the guidelines from the IRS.
By doing your duty, you show the government that you care about the laws.
What documents and information one needs for the ITIN application
- Company Documents(Certificate of Formation or Article of Organization, Statement of Authorized Person)
- EIN Document by IRS(We have this service available if you don’t have)
- Coloured Passport Scan
- US Visa Scan (IF ONLY you have one) (colored with a scanner)
- Your Home Address(Including your zip code)
- Coloured Passport Scan
- Company Documents(Certificate of Formation or Article of Organization)
How Does the Process Works?
- You submit your documents and relevant information,
- Theitin prepare your W7 form and email it to you for the signature
- You sign it according to Theitin instructions and then ship the hardcopy to Theitin US address.
- Theitin submit and your process starts
- Theitin deliver your ITIN from IRS to you via email(If you want hardcopy fee applies)
How does the EIN process work?
- You submit your documents and information
- Theitin do your 1040 and submit to IRS
- Theitin deliver your EIN
What could be easier than the process above? Theitin goes the extra mile to offer you amazing and top-notch service at a very affordable rate.
Get Your ITIN today
If you’ve heard you need an ITIN, you may be wondering why your ITIN status is significant.
This topic can easily get confusing, so we hope our simple explanation of how ITIN is essential and hope everything makes sense to you.
Don’t wait to experience the benefits of having an ITIN. Start your application now!