New York City, NY – Marcum LLP is now designated a Certified Acceptance Agent (CAA) by the Internal Revenue Service (IRS). The CAA designation establishes Marcum as an agent of the IRS authorized to process applications for Individual Taxpayer Identification Numbers (ITINs) for foreign nationals who have tax filing requirements in the United States.
More than 1 million existing ITINs expired on December 31, 2017, and will need to be renewed by foreign nationals wishing to maintain proper taxpayer status in the U.S. ITINs are issued to those required to file taxes under U.S. law but who are not eligible for Social Security numbers. Formerly permanent, ITINs became expirable under the Protecting Americans from Tax Hikes (PATH) Act of 2015, subject to certain parameters. Each year the IRS announces an arbitrary numerical range of ITINs that have been selected to expire. In addition, all ITINs now expire if not used for three consecutive years or after 10 years from date of issue, whichever occurs first.
Marcum is one of only two non-“Big Four” national accounting firms to hold CAA status with the IRS.
“The process of applying directly to the IRS for an ITIN is challenging, as original identification documents such as passports are required to be submitted with the application. Working with an authorized CAA greatly simplifies and accelerates the process, since the CAA certifies all identification documents for primary and secondary taxpayers, including family members, and certifies that the ITIN application is correct before submitting it to the IRS. This relieves taxpayers of having to relinquish their original passports to the IRS for examination,” explains Debra Silverthorn, the tax director in Marcum’s Greenwich, Conn., office who oversees the program for the Firm nationally. Ms. Silverthorn and other program managers are trained in fraud detection and forensic investigation, and have passed police background checks.
“The Certified Acceptance Agent designation expands the range of services Marcum is able to offer our international tax clients, smoothing and quality-checking the process while ensuring that valuable original documents remain in taxpayers’ possession,” said Mark Chaves, co-leader of Marcum’s International Tax Services Practice.
Marcum’s U.S. Tax Compliance team provides a broad range of compliance and preparation services related to foreign and international tax reporting, including: general compliance services for U.S. corporations and individuals with foreign-based businesses and investments; data gathering for U.S. international tax forms; U.S. international tax calculations; accounting and tax preparation services for foreign nationals and foreign-owned businesses; withholding tax returns for U.S. payers to foreign persons; income tax services for U.S. individuals with beneficial interests in foreign trusts; and estate tax returns for nonresident aliens. For more information, visit http://www.marcumllp.com.
For more information about Marcum’s CAA services, visit http://www.marcumllp.com/services/tax/International-Taxation/certified-acceptance-agent.
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting and assurance services; advisory, valuation and litigation support; and an extensive range of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as high net worth individuals, private equity funds and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services. For more information, visit www.marcumllp.com.