Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the Internal Revenue Service announced today. To give all interested parties time to adjust and allow the IRS to reprogram its systems, the IRS will not begin deactivating ITINs until 2016.
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Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are four tips from the IRS about keeping good records.
This has been a confusing subject for most, thanks to the complicated IRS rules. Here is the simple explanation of what you as a property manager must do when you issue a 1099 to an LLC: