Accountancy in The USA

>> Miscellaneous

Legislation and initiatives

The United States has initiated several voluntary disclosure programs aimed at bringing U.S. citizens and long term permanent residents back into compliance after it was discovered that many citizens were keeping money in undisclosed foreign bank accounts. Taxpayers who continue to be non-compliant run substantially increased chances of detection now that FATCA is operational.

Individual taxpayer identification numbers (“ITIN”)

The U.S. Social Security Administration assigns social security identification numbers only to U.S. citizens, U.S. resident aliens, and in certain other employment situations. Non-U.S. individuals who are not eligible to obtain a social security number may need to furnish a taxpayer identification number. In these cases, the individual must apply for an ITIN by filing Form W-7, Application for Individual Taxpayer Identification Number, with the Internal Revenue Service. The application must be accompanied by certain documentation, generally including the individual’s passport and evidence of the need for an ITIN (e.g., a tax return).

Latest version updated 10th November 2017

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United States Dollar


$ 57466.79