Acquiring and renewing your ITIN (Individual Taxpayer Identification Number) can be a lengthy process in 2021, so applying early is extremely important. Watch this webinar to help figure out if you need an ITIN, if you need to renew, and if so, how do you renew. The rules of ITIN continually change over the years. Marina Parkin (Koontz & Parkin, CPAs) and Jo Ann Koontz (Koontz & Associates, LP) discuss current information relevant to your status.
1:56 What is an ITIN? Why do you need one?
5:36 Who needs an ITIN?
10:56 FIRPTA and requirement of ITIN.
14:30 What about people in the US over 183 days?
16:40 Do spouse and kids need an ITIN?
22:58 Expiration and renewal of ITIN.
25:28 Renew if required. ITIN in not your foreign ID number.
26:43 Is it possible to build credit with ITIN?
32:00 When and reasons to apply.
37:05 How to apply.