US & Global Business
ITIN (Individual Taxpayer Identification Number) — Meaning
A US tax ID for individuals who must file US taxes but aren't eligible for an SSN.
What is ITIN (Individual Taxpayer Identification Number)?
An ITIN is issued by the IRS through Form W-7 to individuals who need a US taxpayer number but can't get a Social Security Number — such as nonresident aliens filing Form 1040-NR or spouses on a joint return. It is usually applied for with a tax return, and passports are certified through an acceptance agent or the IRS. It is for tax purposes only, doesn't authorise work, and expires if not used on a return for three consecutive years.
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Related terms
More US & Global Business terms
PFIC (Passive Foreign Investment Company)
A US tax category that makes Indian mutual funds expensive for US citizens and residents to hold.
FBAR (FinCEN Form 114)
A US report of foreign financial accounts when their total exceeds USD 10,000 at any time in the year.
Form 5472
A US information return for foreign-owned single-member LLCs and corporations — $25,000 penalty if missed.
EIN (Employer Identification Number)
The US federal tax ID for a company, obtainable by foreign owners without an SSN or ITIN.
POEM (Place of Effective Management)
The test that can make a foreign company tax-resident in India if it is effectively managed from India.
