The IRS recently announced changes to its ITIN system that may affect millions of taxpayers.
Renewals of individual taxpayer identification numbers, required following the enactment of last year’s tax extenders and spending law, will begin in October for about 11 million taxpayers, an IRS official said August 4. The IRS has also issued guidance (Notice 2016-48) explaining how it will implement these changes to the ITIN program resulting from the enactment of the Protecting Americans from Tax Hikes (PATH) Act of 2015.
View the guidance document from the IRS here: Notice 2016-48
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal