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Tax Return Preparation Guidelines For Completion of Tax Returns with an ITIN/SSN Mismatch.
What is an ITIN/SSN Mismatch?
Individual Taxpayer Identification Number (ITIN) holders frequently file tax returns under their ITIN with attached Forms W-2 showing erroneous Social Security Numbers (SSNs). This creates an ITIN/SSN mismatch. A mismatch return causes the IRS’ document-matching program to erroneously attribute the income and resulting tax to the SSN owner rather than the ITIN holder. This creates inaccuracies in both the SSN owner’s tax account and Social Security Administration records.
New Guidelines (Effective December 31, 2003)
When an individual comes to a volunteer tax preparation site with a W-2 reflecting a SSN requesting return preparation and produces an ITIN, the volunteer should encourage the taxpayer to request a corrected Form W-2 from their employer or former employer. If the taxpayer is unable to do so, the volunteer may prepare the tax return with the documents provided.
Reminder: Prior to completion of any tax return at a volunteer tax preparation site, the volunteer must request proof of identity. Two forms of identification are required. One must be photo identification such as
Individual Taxpayer Identification Number (ITIN) holders frequently file tax returns under their ITIN with attached Forms W-2 showing erroneous Social Security Numbers (SSNs). This creates an ITIN/SSN mismatch. A mismatch return causes the IRS’ document-matching program to erroneously attribute the income and resulting tax to the SSN owner rather than the ITIN holder. This creates inaccuracies in both the SSN owner’s tax account and Social Security Administration records.
New Guidelines (Effective December 31, 2003)
When an individual comes to a volunteer tax preparation site with a W-2 reflecting a SSN requesting return preparation and produces an ITIN, the volunteer should encourage the taxpayer to request a corrected Form W-2 from their employer or former employer. If the taxpayer is unable to do so, the volunteer may prepare the tax return with the documents provided.
Reminder: Prior to completion of any tax return at a volunteer tax preparation site, the volunteer must request proof of identity. Two forms of identification are required. One must be photo identification such as
Passport
National Identity Card
Drivers License (U.S.)
State Identification Card (U.S.)
Military Identification Card
School Photo ID
VISA
The second form of identification must be the original or a copy of the ITIN Card or Letter
One or both of the forms of identification should reflect the taxpayer’s current mailing address. If the taxpayer cannot substantiate their identity, or if the volunteer is uncomfortable accepting the items presented as proof of identity, the taxpayer should seek professional assistance.
Returns prepared with an ITIN/SSN mismatch cannot be filed electronically. Do not change any information on the Form W-2. Volunteers may prepare a paper return for the taxpayer once identity has been verified.
1. The return should reflect the ITIN for the taxpayer. The erroneous SSN on the Form W-2 should not be used on the return.
2. A paper return must be filed. Publication 1345, Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns, states that the information on a W-2 should never be altered. In order to e-file, the taxpayer identification number (TIN) on the W-2 must match the TIN on the federal return. Since the W-2 shows an SSN and the return shows an ITIN, these returns cannot be electronically field. As a precaution and reminder to the volunteers, if the volunteer is using electronic return preparation software (e.g. TaxWise), the ITIN/SSN mismatch should show up as an error and the program will not allow the return to be e-filed. Volunteers should NOT attempt to override this error. The return must be printed and given to the taxpayer to be mailed to the IRS.
3. The taxpayer is not eligible for the Earned Income Tax Credit (EITC). Based on Chief Counsel Advice, dated May 15, 2001, if the taxpayer becomes a permanent resident of the United States and secures a valid SSN at a later date, he/she can file amended returns and claim EITC for all years for which the statue of limitations has not expired.
When an individual comes in to a volunteer tax preparation site and needs assistance with completion of Form W-7 volunteers should refer taxpayers to seek professional assistance unless a volunteer at that site has been specifically trained in completion of Form W-7 or an authorized acceptance agent is present to provide assistance.
The second form of identification must be the original or a copy of the ITIN Card or Letter
One or both of the forms of identification should reflect the taxpayer’s current mailing address. If the taxpayer cannot substantiate their identity, or if the volunteer is uncomfortable accepting the items presented as proof of identity, the taxpayer should seek professional assistance.
Returns prepared with an ITIN/SSN mismatch cannot be filed electronically. Do not change any information on the Form W-2. Volunteers may prepare a paper return for the taxpayer once identity has been verified.
1. The return should reflect the ITIN for the taxpayer. The erroneous SSN on the Form W-2 should not be used on the return.
2. A paper return must be filed. Publication 1345, Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns, states that the information on a W-2 should never be altered. In order to e-file, the taxpayer identification number (TIN) on the W-2 must match the TIN on the federal return. Since the W-2 shows an SSN and the return shows an ITIN, these returns cannot be electronically field. As a precaution and reminder to the volunteers, if the volunteer is using electronic return preparation software (e.g. TaxWise), the ITIN/SSN mismatch should show up as an error and the program will not allow the return to be e-filed. Volunteers should NOT attempt to override this error. The return must be printed and given to the taxpayer to be mailed to the IRS.
3. The taxpayer is not eligible for the Earned Income Tax Credit (EITC). Based on Chief Counsel Advice, dated May 15, 2001, if the taxpayer becomes a permanent resident of the United States and secures a valid SSN at a later date, he/she can file amended returns and claim EITC for all years for which the statue of limitations has not expired.
When an individual comes in to a volunteer tax preparation site and needs assistance with completion of Form W-7 volunteers should refer taxpayers to seek professional assistance unless a volunteer at that site has been specifically trained in completion of Form W-7 or an authorized acceptance agent is present to provide assistance.
Some Useful Tips For Federal & State Tax Return
Each year there are millions of Americans who prepare their own federal and State Tax Returns and even more individuals have their taxes professionally prepared. Whatever choice a taxpayer makes there are a number of important tax tips that everyone should know.
One of the popular tax tips that taxpayers should know about is tax deductions. It is estimated that each year the American public loses millions of dollars from tax deductions that they were entitled to, but failed to claim. A professional tax preparer and a tax software program may prompt an individual to claim tax deductions that they qualify for. Individuals preparing their own paper taxes are more likely to miss tax deductions that they may claim. To prevent this from happening taxpayers are encouraged to research the most frequently overlooked tax deductions to determine which deductions they may qualify for.
Another useful tips of the most important tax tips that a taxpayer needs to keep in mind is that the Internal Revenue Service (IRS) and many state governments change or update their tax laws each year. For this is reason taxpayers are encouraged to check out the website of the Internal Revenue Service (IRS) or the website of their state tax department to determine if any of the tax law changes need to be applied to their federal or state tax returns.
Another one of the most common tax tips that taxpayers need to be aware of is what to do if they can’t pay the amount of taxes owed on federal or state tax returns. The biggest mistake that taxpayers make when realizing that they cannot pay the amount due on their taxes is to not file a Tax Returns. Some people think that not filing a return will prevent a refund from being owed on time when in reality it can make the situation a lot worse. Taxpayers can file an extension deadline; however, the estimated amount of taxes owed is still due on the traditional tax deadline. The Internal Revenue Service (IRS) will impose a number of late fees and penalties on tax payments that were not received in time. Just ignoring the Internal Revenue Service (IRS) may increase the number of or the amount of penalties.
E-filing: truth or promises?
THE INTERNAL REVENUE SERVICE really wants you to file tax returns electronically. Its goal is to have 80% of all returns filed electronically by 2008. The IRS promises quicker refunds than if you file by mail. Mailed returns face the bioterrorism threat of anthrax contamination. The IRS has responded by having mailed returns processed at off-site facilities. That adds to the delay in getting you a check. Combine electronic filing with direct deposit, and you could have your refund in your bank account by the next day. Or, you could be subject to an audit by the IRS Criminal Investigation Division!
All that glitters is not gold. John G. Ams, executive vice president of the National Society of Accountants (NSA), has charged that some "delays in refunds on electronically filed returns ... stretch far beyond" the dates indicated by the IRS. NSA Tax Manager Bernie Philips reported receiving dozens of complaints from tax preparers about refunds on e-filed returns that were delayed four to five weeks--some even longer. Statistics from past filing seasons showed such refunds being paid within 10 days. Most disturbing to me was Ams' revelation that some refunds exceeding $10,000 are being reviewed by Criminal Investigation. The IRS keeps more than $10,000 of your money, doesn't pay you a penny of interest, and you're the criminal!
Why is the agency targeting such e-filed returns? Theoretically, the sole difference between e-filed and mailed returns is the speed of processing. The IRS response was that it does not guarantee to pay a refund by a specific date. It recommends that taxpayers wait at least three weeks before even checking on the status of a refund.
The IRS has issued a schedule indicating that direct deposit of tax refunds from e-filed returns would be made within one to two weeks, and that paper refund checks would be mailed within another week. However, this schedule is merely a target, not a guarantee.
Conventional Way for Tax Filing
The easiest and quickest way to file a return and obtain a refund, is to do this electronically--a practice already used by more than half of all taxpayers. The conventional way of filing taxes with the IRS has been opposed by Online Tax Filling systems in recent times. Filing online will allow you to get your tax refund in as little as 10 days.
The process of filing taxes online is simple and trouble free. The customer first prepares his tax papers personally or approaches professional tax consultants to do so on his behalf. After the tax papers have been prepared they can be effortlessly filed through an IRS e-file provider. Filing can be done online as well, but if an individual is not sure about the mechanics, it is better to seek professional guidance. Usually most tax experts will be licensed IRS e-file providers. The relevant documents are signed and retained by the customer for future reference. The IRS e-file provider then files the returns electronically on the behalf of the customers. Next, the IRS e-file provider sends the customer an acknowledgement mentioning the current status of the filing process.
Online filing eliminates the need for going through tiring steps of rushing to the local IRS offices and post offices and waiting in never ending queues to post the papers before the due date. Office hopping has been completely eliminated. The only thing required is a reliable computer and Internet connection. Mistakes and errors can be corrected online in comparatively less time. Online tax filing has reduced the time gap prior to receiving tax refunds and papers can be printed to maintain precise records for future reference. Online tax filing also facilitates tax payments using credit cards. It has reduced back office processing time considerably.
Join the millions of people who have discovered how easy, online tax filing can be. The cost will be much less, your tax forms will get to the IRS with no hand-written errors, and you'll get your tax refund in as little as 10 days.
Tax Return Preparation: Love it or Hate it, you have to Face it
The term tax is very annoying to many ears. We must all accept the fact that there are many things that we do not like to do, but we have no choice in some matters. Tax Return Preperation is one such thing that any individual who has an income must do it. All individuals who have an earning are liable to pay taxes to the government. Tax payment is done annually and every individual must be prepared well in advance to pay his taxes and pay it in time. Tax return is the official document that lists the amount a person has to pay as taxes. Amount of tax is calculated on the basis of his earnings.
Well, it is understandable that every individual will not have the capacity to accurately calculate taxes. So the best way for an individual out of this mess is to hire services of professional tax return calculation personnel. Once you have actually decided to hire the services of a professional to do your tax return preparation work, make sure that you hire services of the best in the business. After all, you are giving out money to hire the professional and you must get the best worth of your money.
If you personally know of some accountant who will do the work for you, then there is nothing better then this. He can trust him fully to do your work in the best possible manner. Before you hire a professional to do the work for you, make sure that he is fully equipped to do exactly what you want him to do. Just check that the accountant has a professional CPA qualification recognized by regulating authority of the state where you reside. Take care to keep all your paper work that you will need in proper order to be used by the accountant.
It is a good idea to have your tax return preparation calculated well in advance. Tax payment is a seasonal affair and everyone is in huge rush to get tax returns prepared in time to pay the taxes to the government. So, it is very much possible that at the eleventh hour you may find that all CPAs have been booked, and there is no one who can do the work for you. So in this regard getting the work done well in advance will help you in dealing with any situation. You will not face any last minute delay and fill the taxes in time without any hassles.
If you are keen on doing the work on your own, you can do that also. You can do your own Income Tax Return preparation with the help of certain software that is specially designed for this purpose. You can find the software online. All you need to do is download it and install the software in your computer. You can sit in the privacy of your home, at your own convenient time and do the work peacefully. So you see that it is only matter of making choices, you just need to ensure that you make the best possible choice under the given situation for calculating your tax return preparation.
Well, it is understandable that every individual will not have the capacity to accurately calculate taxes. So the best way for an individual out of this mess is to hire services of professional tax return calculation personnel. Once you have actually decided to hire the services of a professional to do your tax return preparation work, make sure that you hire services of the best in the business. After all, you are giving out money to hire the professional and you must get the best worth of your money.
If you personally know of some accountant who will do the work for you, then there is nothing better then this. He can trust him fully to do your work in the best possible manner. Before you hire a professional to do the work for you, make sure that he is fully equipped to do exactly what you want him to do. Just check that the accountant has a professional CPA qualification recognized by regulating authority of the state where you reside. Take care to keep all your paper work that you will need in proper order to be used by the accountant.
It is a good idea to have your tax return preparation calculated well in advance. Tax payment is a seasonal affair and everyone is in huge rush to get tax returns prepared in time to pay the taxes to the government. So, it is very much possible that at the eleventh hour you may find that all CPAs have been booked, and there is no one who can do the work for you. So in this regard getting the work done well in advance will help you in dealing with any situation. You will not face any last minute delay and fill the taxes in time without any hassles.
If you are keen on doing the work on your own, you can do that also. You can do your own Income Tax Return preparation with the help of certain software that is specially designed for this purpose. You can find the software online. All you need to do is download it and install the software in your computer. You can sit in the privacy of your home, at your own convenient time and do the work peacefully. So you see that it is only matter of making choices, you just need to ensure that you make the best possible choice under the given situation for calculating your tax return preparation.
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