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How do you get a "147C Online- EIN Designation Confirmation Letter?
Jan 25, 2022 - 4:49 PM - by TaxGuru
Without an official letter from IRS with the company's name, address, and EIN, it is usually impossible to open a bank account.

The good news is that you can get a same-day online 147C replacement if you don't mind hanging on the phone for a while. The process is to call the IRS at (800)-829-4933 & request a new verification letter to be faxed to your Fax Number.

"The IRS agent will want you to prove your relationship to the company by asking questions... [Read More]
What are the Foreign Earned Income Exclusion for 2019?
Feb 17, 2020 - 3:48 PM - by TaxGuru
If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income.

However, you may qualify to exclude your foreign earnings from income up to an amount that is adjusted annually for inflation.

For 2019 the Foreign Earned Income Exclusion is $105,900 and $107,600 for 2020).

In addition, you can exclude or deduct certain foreign housing amounts.
For 2019 Tax Filings, "No more Obamacare healthcare penalties!"
Nov 21, 2019 - 3:26 PM - by TaxGuru
The Tax Cuts and Jobs Act did eliminate the individual mandate -- aka the "Obamacare penalty." This is the penalty you pay for not having health insurance. The penalty was only repealed in tax years 2019 and beyond.
What is an Individual Taxpayer Identification Number?
Nov 04, 2019 - 6:16 PM - by TaxGuru
What is an ITIN?
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).

What is an ITIN used for?
IRS issues ITINs to help individuals comply with... [Read More]
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