The IRS issues EIN to identify your business while ITIN is used to identify you as a tax-liable person in the US. If you are a sole proprietor or an owner of a single-member LLC, you can use your ITIN in IRS forms for your business. In other cases, you must get an EIN to file your taxes. We advise you to get an EIN even though you do not have to get one to separate your personal and business tax dealings.
Where can I use my ITIN?cbs-tax2022-09-01T15:03:45+00:00
Individual Tax Identification Number (ITIN) is a 9-digit number identifying you as a legal taxpayer in the US. ITIN can be used for multiple purposes such as getting a business loan, an interest-bearing bank account, or a mortgage. However, you should keep in mind that not many banks allow ITIN holders to benefit from these options and ask for SSNs instead.
Can I Use EIN as Social Security Number?cbs-tax2022-09-01T15:02:49+00:00
Anyone who has a business with one or more employees needs to get an Employer Identification Number (EIN) mainly for tax purposes. To apply for an EIN, you need to file IRS Form SS-4 which is also known as the Application for Employer Identification Number. The filling might be done by mail, fax, or online.
What Is Form 1040 used for?cbs-tax2022-09-01T15:06:20+00:00
The first thing is not to worry much. Each year, thousands of taxpayers receive mail from the IRS for various reasons. Read the letter carefully; not every IRS letter is bad news. The IRS also sends letters for reasons such as ID verification, additional information, or changes in your return. Do not reply to the letter unless you are instructed to do so. Act promptly if a deadline is mentioned in the letter. Contact your IRS agent if you need more information.
How do I get a tax residency certificate in the US?cbs-tax2022-09-01T15:09:13+00:00
You need to get a Form certifying you are a resident of the United States for purposes of the income tax laws. To do so, first, fill out Form 8802 which is also known as Application for United States Residency Certification, and send it to the IRS. Be sure to pay the user fee. Follow the Instructions for Form 8802 to avoid any problems in the process. You can contact CBSTaxPro experts for assistance anytime.
Why do I need a tax residency certificate?cbs-tax2022-09-01T15:09:58+00:00
This certificate refers to a document proving a taxpayer’s registered address or location of residence for tax purposes. U.S. treaty partners require the certificate to collect income tax treaty benefits and/or specific additional tax benefits in the foreign nations with whom the United States has tax treaties.
Why should I get a virtual Office address?cbs-tax2022-09-01T15:11:23+00:00
First of all, it will help you to save money; invest your capital into your business instead of renting or buying a physical office space, paying bills, and getting office supplies. Secondly, the virtual office will give you some privacy; you do not need to share your home address with your customers. When it comes to email marketing campaigns, the virtual address will help you to fulfill CRM needs. Last but not least, a virtual address will boost your credibility and build a strong professional impression. To get the best out of your virtual office address, contact us to get more information.