Tax Law and News PATH Act Impacts ITIN Renewal, Raises Competitive Threat to Tax Pros Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Nov 30, 2016 1 min read There are currently 23 million Individual Taxpayer Identification Numbers (ITINs) in the United States; ITINs are required for taxpayers who do not have, and are not eligible to obtain, Social Security numbers. Under the new PATH Act, ITIN renewals are required starting in October 2016. The new law states that ITINs that haven’t been used on a federal tax return at least once in the past three years will be invalid for use on a tax return unless renewed by the taxpayer. ITINs issued prior to 2013 will also need to be renewed starting this fall. Taxpayers who do not renew may face refund delays and ineligibility or some tax credits. The IRS put together a renewal schedule to assist taxpayers. As a tax professional, it’s important for you to be aware that some tax stores are appealing to the ITIN market by advertising free renewals for expiring ITINs. The IRS’ ITIN renewal process is already free, but requires forms and identification documentation, so this service may be attractive to taxpayers who are uncomfortable with filing the IRS paperwork themselves. Clarifying that the renewal process is free and/or assisting your clients with their renewal paperwork may help you continue to provide value to your ITIN clients and ward off any competitive threats. Previous Post Videos to Help You Be Cyber Aware Next Post Travel-Related Tax Tips for Your Self-Employed Clients Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Practice Management Transforming your tax firm for the future Advisory Services Measuring your firm’s ROR Tax Law and News Pass-through entity taxation for business growth Tax Law and News August 2024 tax and compliance deadlines Practice Management Tech lag named top risk in QuickBooks® survey Practice Management 4 key factors for choosing new tax software Practice Management S corporation basis tracking in Intuit® Tax Advisor Grow your practice Maximize revenue without chasing new leads Tax Law and News Update: Tax breaks for victims of natural disasters Tax Law and News IRS aims to close tax loopholes for wealthy