Quick question - if we file with the W-7 renewal, do we still need to include the tax payment if we owe money? Or do we wait until after the ITIN is renewed?

I went through this exact process with my spouse last year and wanted to share what worked for us. The key thing that helped reduce our stress was finding a local Certifying Acceptance Agent (CAA) - many tax preparation offices are authorized to do this service. The CAA was able to verify my spouse's original passport and other documents, then provided certified copies that we could mail with our tax return and W-7 form. This meant we kept all our original documents and didn't have to worry about them getting lost in the mail or waiting months to get them back. The whole process still took about 10 weeks for the IRS to process the ITIN renewal, but our peace of mind was worth the small fee the CAA charged (around $50). You can find authorized CAAs on the IRS website - just search for "Certifying Acceptance Agent" in your area. Also, make sure you file everything together in one package - the tax return, W-7 form, and all supporting documents. The IRS processes these as a unit, so separating them can cause delays.

I guess my experience might be useful too. I filed for bankruptcy last year after my medical bills and tax debt got completely out of control. The court assigned me a bankruptcy attorney who told me I'd been misled by the tax relief company I'd hired. Turns out my tax debt would have been dischargeable in bankruptcy (it was over 3 years old and I had filed the returns on time), but the tax company never mentioned this as an option. Instead they took $3,500 from me when I was already financially devastated. Not saying bankruptcy is the right option for everyone, but if your debt is overwhelming, it might be worth talking to a bankruptcy attorney to understand all your options before paying thousands to these tax relief places.

This is exactly why I always tell people to be extremely cautious with these national tax relief companies. Your experience with SuperiorTaxRelief sounds unfortunately typical - they hook you with promises of major debt reduction, then months later you find out you're just getting a standard payment plan you could have set up yourself. The fact that their email mentions "installment agreement" and "penalty abatement" instead of an Offer in Compromise pretty much confirms they're not pursuing significant debt reduction for you. Most people can request penalty abatement themselves using Form 843, and installment agreements are available directly through the IRS website. Before you write your final review, I'd document everything they promised versus what they're actually delivering. If there's a significant gap, you might have grounds for a complaint with your state's consumer protection agency or even a chargeback if you paid by credit card. The silver lining is that your detailed review will help others avoid the same trap. These companies prey on people who are already stressed about tax problems, so honest reviews from real customers are invaluable.

Has anyone dealt with cross-border gaming income? I'm technically a US citizen but I live in Canada most of the year, and I have income from viewers/subscribers in multiple countries. The platforms pay me in USD but I'm not sure how to handle this for tax purposes.

This is really helpful info everyone! I'm in a similar boat - made about $8,000 from streaming and selling CS:GO skins last year but never reported it. Reading through these comments, it sounds like I need to: 1. File amended returns for last year 2. Start tracking everything going forward 3. Keep receipts for any gaming purchases I use during streams Quick question though - what about crypto payments? Some of my viewers tip me in Bitcoin or other cryptocurrencies. Do I need to report those at the value when I received them, or when I convert to USD? And if I never convert them and just hold the crypto, is that still taxable income? Also seeing mixed info about whether casual tournament winnings need to be reported. I won like $500 in a local tournament but it wasn't a regular thing for me. Is there a threshold for this kind of stuff? Thanks for all the detailed responses - this community is way more helpful than trying to figure this out alone!

Why not just use an LLC taxed as an S-corp for the consulting? That's what I do for my dual streams - keeps everything cleaner and you won't risk having auditors question why two totally different businesses are mixed together.

I'd actually recommend sticking with your existing PSC structure for both income streams. The IRS considers both film production and financial consulting as qualifying personal services, so there's no compliance issue with running them through the same entity. The key advantage of keeping everything in one PSC is simplicity - you'll have one set of books, one tax return, and streamlined accounting. Just make sure to track the income sources separately for your own records and maintain proper documentation showing both activities are legitimate personal services. One practical tip: given that large upfront consulting payment, consider discussing with a tax professional about timing your salary distributions to optimize your overall tax situation. You might want to spread some of that $135K across tax years depending on your other income and tax brackets.

Has anyone else heard about the next change to $5,000 for 2024? My accountant just mentioned this and I'm already worried about the extra paperwork. I used to just do a simple Schedule E but now I'm wondering if I need to track every little expense more carefully.

This is such a helpful thread! I've been dealing with similar confusion about my Airbnb income. For what it's worth, I think the inconsistency you experienced between 2021 and 2022 is pretty common - many hosts are reporting similar situations where they got 1099-Ks one year but not the next, even with similar income levels. One thing I learned from my tax preparer is that some platforms were being overly cautious in 2021, issuing 1099-Ks at lower thresholds because they were anticipating the rule changes. Then when the $600 threshold got delayed, they reverted back to the strict $20k AND 200 transactions rule for 2022. The key takeaway that everyone here has emphasized is spot on - always report all your rental income regardless of whether you get a 1099-K. I use a simple spreadsheet to track all my bookings and payments throughout the year, which makes tax time much easier whether I get the form or not.