At Surya Padhi, EA, we provide a broad spectrum of comprehensive and thorough year-round tax assistance for individuals and businesses. This assistance ranges from managing sales tax compliance to business and estate tax planning to the preparation of personal and corporate tax returns as well as providing effective representation before taxation authorities. We take an active approach to all aspects of taxation. Our experienced staff monitors compliance to prevent unpleasant surprises at tax time and stays current with changes in tax law to determine the implications of those changes for tax planning. This enables us to proactively apply updated strategies to minimize our clients’ tax liability and maximize their financial growth.
Tax Advice
Every single financial choice you make, regardless of whether it’s for your personal life or your company, may have repercussions for your taxes. At Surya Padhi, EA, we believe that delivering efficient tax services goes beyond simply preparing tax returns and includes comprehensive tax planning. This is done to assist you in evaluating and managing the impact that your financial actions have on your taxes as well as your overall financial picture. Our tax professionals not only accurately prepare returns for all types of entities, including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations, but also, as your trusted advisor, we can assess the tax implications of your financial decisions, formulate a tax strategy to minimize your liability, and proactively monitor significant changes to both tax law and to your finances in order to help you stay on track with your goals.
Tax Problem Resolution Specialist
Tax difficulties never go away on their own; rather, they only get worse as time goes on. This is due not only to the accumulation of fines and interest, but also to the stress that can be caused by dealing with the Internal Revenue Service and other tax agencies. If you are having issues with your taxes, let us to assist you in finding a solution. At Surya Padhi, EA, our knowledgeable and experienced tax professionals will provide a realistic and confidential assessment of your position and your options. They will also work with you to develop an attainable plan to resolve your tax problems, and they have experience negotiating Offers in Compromise with the IRS on your behalf. If you have tax problems, contact Surya Padhi, EA today. We’re quick, efficient, affordable, and discreet. Allow us to assist you in finding a solution to your tax issues so that you may put an end to the tension they create and reclaim your sense of calm.
Running a business and keeping it growing and moving in the right way is like putting together a puzzle.
Even though it can be hard to keep track of every transaction, “clear finances” is one of the most important parts of running a successful business. That’s why you need the bookkeeping pros at Surya Padhi, Enrolled Agent. We’ve worked with businesses of all sizes and in all kinds of industries for more than years. We’ll work with you so you can focus on other parts of your business.
Payroll Services
Processing payroll can be a time-consuming and tedious task, which can be especially challenging for smaller organizations with fewer employees. At Surya Padhi, EA, we offer payroll processing that is both efficient and reliable at a cost that is affordable. Our services include printing or direct-depositing paychecks, managing deductions, allowances, and withholding, filing quarterly and year-end state and federal payroll tax forms and making electronic tax payments, as well as comprehensive payroll reporting to assist you in effectively managing your staff and running your business.
Payroll Processing
As the owner of a business, you should be concentrating on your clients and your company rather than on the administration and paperwork…and that is exactly how it ought to be. We are specialists in payroll, and we can help you keep your attention where it should be. At Surya Padhi, EA, we may not be as large as the payroll processing giants, but to us, you are more than a number. We take the time to get to know you and your needs, and we offer you professional service and advice that is individualized, customized, and specifically designed to meet those needs. We take the worry out of payroll processing for you by ensuring that all parts of your company’s payroll, from check printing and paycheck direct deposits to year-end payroll tax compliance, are managed by our knowledgeable staff.
A new venture’s potential is exciting, but there are also many challenges that must be met. The early financial choices taken by a company frequently determine its eventual success or failure. For instance, if you want to minimize your tax liability and maximize your revenues, getting the appropriate corporate structure is crucial. Don’t take chances with your new company; instead, get in touch with Surya Padhi, EA, a New Jersey-based Enrolled Agent firm, for the sound guidance you need.
A C-Corporation, S-Corporation, or Limited Liability Company? We can break it down for you. It’s possible that your business could benefit from being taxed twice on its earnings depending on the structure you choose. We’ll walk you through the process of weighing the benefits of each structure to help you make an informed decision that minimizes your tax liability now and in the future.
In addition to helping you incorporate your business, we also provide a number of other crucial business advising services. We can help you get financed, point you in the direction of the best QuickBooks edition, and craft a plan to minimize your tax liability.
Consultant for Startups and Corporation Formation
If owning a business has always been a goal of yours, we can make that goal a reality for you.
Selecting Entities
Creation of a Business Strategy
Help in securing a loan.
New venture tax planning considerations
Providers of QuickBooksTM Installation
An individual taxpayer identification number (ITIN) is a tax processing number, issued by the Internal Revenue Service, for resident and nonresident aliens, their spouses and their dependents, if they are not eligible for a Social Security number. The ITIN is a nine-digit number beginning with the number 9, has a range of numbers from 50 to 65, 70 to 88, 90 to 92 and 94 to 99 for the fourth and fifth digits, and is formatted like a Social Security number (like this: 9XX-7X-XXXX).
Only individuals who have a valid tax filing requirement or are filing a U.S. federal income tax return to claim a refund of over withheld tax are eligible to receive an ITIN. ITINs are used for tax purposes only, and are not intended to serve any other purpose. The ITIN does not authorize you to work in the U.S. or to receive Social Security benefits, is not valid for identification outside the tax system, and does not change your immigration status. To read more about ITINs, see our U.S. Tax Guide for Foreign Nationals.
Do You Need One?
If you do not have a U.S. Social Security number (SSN) and are not eligible to obtain an SSN, but you are required to file a U.S. federal income tax return, be claimed as a spouse or dependent on a U.S. tax return, or furnish a tax identification number for any other federal tax purpose, you need an ITIN. You must have a valid filing requirement and file an original valid U.S. federal income tax return with your ITIN application, unless you meet one of the exceptions listed below.
Even if you meet one of the exceptions to filing a tax return, you must still have a valid tax purpose. Here are some examples of who needs an ITIN:
A nonresident alien individual not eligible for an SSN who is eligible to obtain the benefit of a reduced tax withholding rate under an income tax treaty.
A nonresident alien individual not eligible for an SSN who is filing an application for reduced withholding on the sale of U.S. real property.
A nonresident alien individual not eligible for an SSN who is required to file a U.S. federal income tax return or who is filing a U.S. tax return only to claim a refund.
A nonresident/resident alien individual not eligible for an SSN who elects to file a joint U.S. federal income tax return with a spouse who is a U.S. citizen or resident.
A U.S. resident alien (based on the substantial presence test) who files a U.S. federal income tax return but who is not eligible for an SSN.
An alien individual eligible to be claimed as a dependent on a US federal income tax return but who is not eligible to obtain an SSN.*
* Note that beginning in 2018, dependency exemptions are no longer allowed. However, dependents who are eligible for the Child Tax Credit or Other Dependent Tax Credit must still have an ITIN by the due date of the tax return. Additionally, if you are claiming one of these credits on your U.S. federal tax return, you must be issued an ITIN by the due date of the return.
For most of the above purposes, a completed U.S. federal income tax return must accompany Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, but there are a few exceptions. An exception is generally available if:
You are the recipient of partnership income, interest income, annuity income, rental income, or other passive income that is subject to third party withholding or covered by tax treaty benefits,
You are claiming the benefits of a U.S. income tax treaty with a foreign country and receive wages or other compensation; scholarships, fellowships or grants; gambling income; or you are receiving taxable scholarship, fellowship or grant income but not claiming the benefits of a tax treaty,
You have a home mortgage loan on real property you own in the United States that is subject to third party reporting of mortgage interest,
You have sold or exchanged real property located in the United States, which is subject to withholding by the buyer or transferee, or
You have an IRS reporting requirement as a non-US representative of a foreign corporation who needs to obtain an ITIN for the purpose of meeting their e-filing requirements under TD 9363 and are submitting Form W-7 with Form 13350, Registration for e-services.
An explanation of these five exceptions is in Instructions for Form W-7. You can also renew your ITIN and those of your spouse and dependents without filing a tax return. See below about renewal requirements.
How Do You Get One?
You must properly complete Form W-7 and attach a valid U.S. federal income tax return, unless you qualify for an exception. You must also attach documentation to establish your identity and your connection to a foreign country (foreign status). A list of 13 documents that will satisfy these requirements is shown in the Instructions for Form W-7. The one standalone document that satisfies both identity and foreign status is a current U.S. passport. If you do not have a current U.S. passport, one of the other documents from the list must be provided to prove foreign status and an additional document must be provided to prove identity.
The Non-CAA Procedure
Only original documents, or “certified” copies of the documents are accepted. A certified document is one that the original issuing agency provides and certifies as an exact copy of the original document, and contains an official stamped seal from the agency. Don’t try to send a “notarized” copy. See ITIN Documentation FAQs from the IRS. A notarized document is one that the taxpayer provides to a public notary who bears witness to the signing of the official document and affixes a seal assuring that the document is legitimate. These documents will not be accepted, unless you are a U.S. citizen or resident member of the U.S. military and are submitting documentation for a dependent. The IRS promises to return original documents within 60 days through the regular mail service. However, it’s always very risky to send original documents to the IRS, especially if you must rely on foreign postal systems.
You can avoid sending original or certified documents through the mail to the IRS by taking your completed tax return and original or certified documents to a designated IRS Taxpayer Assistance Center. There they will certify your documentation and forward your tax return to the IRS Service Center. Here is a list of Taxpayer Assistance Center Locations where in-person document review is provided. If you are outside the United States, this option is not plausible. Additionally, the process of obtaining certified documents through the issuing agency is often expensive, time consuming, or sometimes not available.
The CAA Procedure
As Certifying Acceptance Agents (CAAs) we can verify your claim of identity and foreign status and submit Form W-7 on your behalf. We are allowed to use Form W-7 (COA) as evidence that we have reviewed and verified your original documentation, or a certified copy from the issuing agency of those documents, through face-to-face or video electronic interviews.
We must have your original identification documents in our possession during the interview in order to see the security features and authenticate the documents. That means you must mail your documents to us rather than the IRS. We will return your documents immediately after the interview through your choice of a reliable private carrier. We are required to submit copies of the documents we review, along with the Form W-7(COA). For dependents, we are allowed to authenticate the passport and birth certificate.
Although the Form W-7 instructions list 13 types of documents that a CAA may authenticate for an ITIN application, the IRS has announced that after January 1, 2020, the IRS has eliminated the foreign military identification card from the list. After this change, you will still be able to use this document to obtain an ITIN if you present it directly to the IRS either by mail or in person at a Taxpayer Assistance Center.
How Do You Renew an Expired ITIN?
The renewal process is the same as the application process. Beginning in 2022, a renewal application must also be attached to a tax return, unless it meets one of the published exceptions. If you have an expired ITIN, it would be prudent to file your tax return early. If not, you could face a delay in your refund and may be ineligible for certain tax credits, such as the Child Tax Credit, if the IRS does not renew your ITIN (or a dependent’s ITIN) by the due date (including extended due date) for filing your return. The IRS emphasizes that no action is needed by ITIN holders if they don’t need to file a tax return next year.
If your ITIN has not been used on a federal tax return at least once in the last three years, it will no longer be valid for use on a tax return unless it is renewed. In addition, the IRS has a rolling renewal schedule for ITINs issued before 2013. If your ITIN has middle digits (the fourth and fifth digits) of 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87 or 88 (example: 9XX-73-XXXX), it has already expired. ITINs with middle digits 90, 91, 92, 94, 95, 96, 97, 98, or 99, that were assigned before 2013 and have not already been renewed, expired at the end of 2021. However, all of these ITINs can still be renewed.
Family Option Remains Available
To make this renewal effort easier and reduce paperwork, the IRS offers a family option for ITIN renewals. If any individual receives a renewal letter from the IRS, they can choose to renew the ITINs of all of their family members at the same time rather than doing them separately over several years. Family members include the tax filer, the spouse and any dependents claimed on their tax return.
We are ITIN Certified Acceptance Agent
We Can Help! CAA ITIN Application or Renewal: $150/Per Form W7 (Excluding Postage)
Here’s what we do:
If you cannot visit our office in Hillsborough, NJ so we can verify your identifying documents, you can send the documents to us by mail or private carrier.
We will schedule a short video conference with you (or your dependents) to confirm your identity.
We will then immediately return your documents through your choice of delivery. This part, you need to pay for.
We will verify your documents showing proof of identity and foreign status, then properly prepare and sign Form W-7 and Form W-7 (COA). If we prepare your tax return or other qualifying document for IRS submission, we will send all documents by Priority Mail to the relevant IRS Service Center.
Here’s the best part – we follow up with the IRS to ensure that the ITIN is issued. Unlimited follow-ups are included in the $275 flat fee.
Just submit the contact form, giving us your circumstances for needing an ITIN, and we will take it from there.
