[adrianhudson]

Background,

My business partner and I operate a small IT services company. I handle our affairs in the UK, my colleague, Jim, handles things in the US.

Recently on a visit to Reno, we stopped by our bankers to open an account. Wells Fargo would not add me because I do not have a US taxpayer ID.

On checking the IRS website, the correct form seems to be W7. However, there is not category on the form that fits our circumstances.

How in the world does a foreign partner ever access to his company bank account?

Thanks

Adrian

[AtlantaTaxExpert]

Adrian:

You can apply for the ITIN using the exception notation at the bottom of the checklist on the W-7. You will need a letter from Wells Fargo stating that you need the ITIN to be added to the bank account.

Send the letter and the signed W-7 to the address in the W-7 instructions.

You should the ITIN in about a month.

If you want professional help in preparing the Form W-7, email me at [email protected] for a fee quote.

[Five Rings]

Federal law allows an alien to open a U.S. bank account without reporting an SSN or ITIN, as long as he presents some sort of identification to the bank which contains an identification number of some sort (passport, etc.). However, some U.S. banks go beyond federal law and have their own regulations which require an SSN to open a bank account.

In the Code of Federal Regulations, Title 31, Part 103, Section 121, you will find alternate documentation that the Bank can use in lieu of a SSN/ITIN when the individual is foreign. Banks are able to open Bank Accounts without an SSN or ITIN.

I have the documentation on this but the file is to big to upload