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| November 2016 |
| Your U.S. Individual Taxpayer Identification Number may expire soon! |
| Shelley L. Smith, B.Comm., CA, CPA (IL, USA), is an associate-tax specialist in the Red Deer office of Collins Barrow. |
| U.S. Individual Taxpayer Identification Numbers (ITINs) are required by the IRS if you have U.S. tax reporting obligations and you are not eligible for a U.S. Social Security Number (SSN). This requirement normally applies to Canadians who have some source of U.S. income that must be reported to the IRS. Unfortunately, these ITIN numbers are not permanent and will expire as early as January 1, 2017. In fact, individuals having ITINs with 78 or 79 as the fourth and fifth digits (e.g. 9XX-78-XXXX or 9XX-79-XXXX) can expect to receive notice from the IRS this fall advising that their ITIN will expire on January 1, 2017. (To distinguish ITINs from SSNs, note that ITINs begin with the number 9.) |
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| New federal filing deadlines: what do they mean for you? |
| Maggie Mei is a senior tax associate in the Toronto office of Collins Barrow. |
| Crystal Y. Wu, CPA, CA, CPA (Illinois), is a senior manager, U.S. tax, in the Toronto office of Collins Barrow. |
| In an effort to minimize taxpayers’ timing difficulties with filing dates for several common types of returns and reporting forms, the United States Congress has passed legislation modifying the original and extended due dates for tax years beginning after December 31, 2015 (i.e. 2016 returns filed during the 2017 filing season). Click here to view a table that summarizes the old due dates under prior law and the new due dates for some of the most common returns for taxpayers with a calendar tax year-end and C corporations with a fiscal tax year-end. |
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| Collins Barrow periodically publishes U.S. Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada with respect to U.S. issues. While U.S. Tax Alert may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps. |
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