If you have a Single-Member LLC (1 owner) that is foreign-owned, then you need to file Form 5472 and Form 1120 every year A few important notes: 1. This article is written for non-U.S. residents and non-U.S. citizens (foreigners) who have formed an LLC in the U.S. 2. Your LLC must have an EIN in […]
Foreign-owned Single-Member LLC and IRS Form 5472 Read More »
SSN, ITIN and W8-BENs are important to understand as you navigate your international tax responsibilities. We dive in here. SSN – A Social Security Number (SSN) for your child can equal refundable tax credits. ITIN – An Individual Tax Identification Number (ITIN) for your NRA (non-resident alien) spouse, dependent(s) or other U.S. tax residents which
SSNs, ITINs, And W8-BENs: What’s The Difference? Read More »
The Internal Revenue Service and Treasury Department released their final regulations on a major international tax provision, the Foreign Tax Credit. Here’s what you need to know if you claim foreign tax credits. What is the foreign tax credit? The foreign tax credit is a non-refundable tax credit for income taxes paid or accrued to
IRS Rules On Foreign Tax Credit Read More »
The IRS on March 27 announced that starting May 13, 2019, as part of its ongoing security review, only individuals with either a Social Security Number (SSN) or an Individual Tax Identification Number (ITIN) may be listed as the ‘responsible party’ on an entity’s Employer Identification Number (EIN) application, i.e., Form SS-4. This requirement to
IRS Revises EIN Application Process To Enhance Security, Transparency Read More »