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Comp Blog

New - July 3: Individual Taxpayer Identification Numbers / OFAC Designations / Student Loans

By: Danielle Wright

CommentThursday - July 3, 2014

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Happy Fourth of July!



Unused ITINs will expire after five years

An IRS news release has announced that individual taxpayer identification numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years. The new policy applies to any ITIN regardless of when it was issued. To allow for an adjustment period, ITINs will not be deactivated until 2016. Under the old policy, ITINs issued after January 1, 2013, would have automatically expired after five years, even if used properly and regularly by taxpayers.

OFAC Transnational Criminal Organizations designations

Treasury has announced actions against four already designated transnational criminal organizations (TCOs): the Camorra, the Yakuza, the Brothers' Circle, and Mara Salvatrucha (MS-13). Today’s action freezes any assets the designated persons may have within the jurisdiction of the United States and generally prohibits any transactions with them by U.S. persons.  These designations were imposed under Executive Order (E.O.) 13581, "Blocking Property of Transnational Criminal Organizations," which targets significant TCOs and individuals or entities determined to have provided material support to, or to be owned or controlled by, or to have acted or purported to act for or on behalf of, such organizations.

Student loans and closed schools

An article on the CFPB Blog offers advice on what to do if a college has unexpectedly shut its doors. The article discusses the impact on federal and private student loans. It also addresses "teach-out" arrangements.






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