Form 8938 Detailed Guide: Thresholds and Filing Requirements
I have income from outside the U.S. and need guidance on: Form 8938 Detailed Guide: Thresholds and Filing Requirements. What are my reporting obligations and how do I stay compliant?
Do I need to file anything with the state too, or just the IRS?
Everyone talks about Form 5472 with the IRS. But does my LLC also need to file anything with the state it was formed in? My LLC is in Delaware.
Form 8938 Introduction: FATCA Foreign Financial Assets Reporting
I have income from outside the U.S. and need guidance on: Form 8938 Introduction: FATCA Foreign Financial Assets Reporting. What are my reporting obligations and how do I stay compliant?
Can I pay myself a salary from my single-member LLC?
I'm the only owner of my LLC. Can I pay myself a salary? How does that work with a disregarded entity for tax purposes?
Should I close my US LLC before year-end to avoid another filing?
I'm not using my LLC anymore. If I close it before December 31, do I avoid having to file Form 5472 for this year? Or is there still a final return required?
FBAR Guide: FinCEN Report 114 for Foreign Bank Account Reporting
I have income from outside the U.S. and need guidance on: FBAR Guide: FinCEN Report 114 for Foreign Bank Account Reporting. What are my reporting obligations and how do I stay compliant?
Visa overstay and LLC tax filing obligations
I overstayed my visa and I am now out of status in the U.S. I still own an LLC that continues to generate income. I am worried about my immigration situation, but I also want to know about my tax obligations. Does being out of status affect my duty to file taxes? If I file a tax return, will the IRS share my information with immigration authorities? I need to understand my obligations without making my situation worse.
Foreign Income Filing Obligations Reminder for U.S. Taxpayers
I have income from outside the U.S. and need guidance on: Foreign Income Filing Obligations Reminder for U.S. Taxpayers. What are my reporting obligations and how do I stay compliant?
Foreign Income Overview: U.S. Tax Rules for International Taxpayers
I have income from outside the U.S. and need guidance on: Foreign Income Overview: U.S. Tax Rules for International Taxpayers. What are my reporting obligations and how do I stay compliant?
Can two LLCs share the same registered agent address?
I have two LLCs in Wyoming with the same registered agent. Is it okay for both to use the same address on their Form 1120? Or does this cause problems?
Form 3520: Foreign Trust and Gift Reporting Requirements (Ep. 42)
I have income from outside the U.S. and need guidance on: Form 3520: Foreign Trust and Gift Reporting Requirements. What are my reporting obligations and how do I stay compliant?
Form 5471: Reporting Foreign Corporation Ownership to the IRS (Ep. 41)
I have income from outside the U.S. and need guidance on: Form 5471: Reporting Foreign Corporation Ownership to the IRS. What are my reporting obligations and how do I stay compliant?
Form 8938 FATCA: Detailed Filing Requirements and Thresholds (Ep. 40)
I have income from outside the U.S. and need guidance on: Form 8938 FATCA: Detailed Filing Requirements and Thresholds. What are my reporting obligations and how do I stay compliant?
Form 8938 FATCA: Foreign Financial Assets Reporting Introduction (Ep. 39)
I have income from outside the U.S. and need guidance on: Form 8938 FATCA: Foreign Financial Assets Reporting Introduction. What are my reporting obligations and how do I stay compliant?
TN visa (USMCA) and LLC ownership
I am a Canadian citizen working in the U.S. on a TN visa under the USMCA agreement. I work as a management consultant for my TN employer, but I also want to start my own consulting LLC on the side. Can TN visa holders own and operate a separate LLC? What are the tax implications given that Canada and the U.S. have a tax treaty? I am worried about violating my TN status while also wanting to grow my own business.
FBAR Filing: FinCEN Report 114 for Foreign Bank Accounts (Ep. 38)
I have income from outside the U.S. and need guidance on: FBAR Filing: FinCEN Report 114 for Foreign Bank Accounts. What are my reporting obligations and how do I stay compliant?
Foreign Income Tax Overview: IRS Rules for U.S. Taxpayers (Ep. 36)
I have income from outside the U.S. and need guidance on: Foreign Income Tax Overview: IRS Rules for U.S. Taxpayers. What are my reporting obligations and how do I stay compliant?
Foreign Income Filing Obligations: What U.S. Taxpayers Must Report (Ep. 37)
I have income from outside the U.S. and need guidance on: Foreign Income Filing Obligations: What U.S. Taxpayers Must Report. What are my reporting obligations and how do I stay compliant?
Form 8379: Injured Spouse Allocation Introduction
I believe I qualify as an injured spouse. I need help understanding: Form 8379: Injured Spouse Allocation Introduction. How does the allocation process work?
Can my foreign-owned LLC do business with clients in sanctioned countries like Cuba or Russia?
I am a Spanish citizen with a U.S. LLC that provides web development services. I have potential clients in Cuba and Russia who want to hire my LLC for website projects. In Spain, there are some EU sanctions but the rules are different from the U.S. Since my LLC is a U.S. entity, do U.S. sanctions apply even though I personally am in Spain? Can I use my Spanish bank account to receive payment from these clients instead of the LLC's U.S. account to avoid the problem?
What is Ohio's Commercial Activity Tax and does it apply to my foreign-owned LLC?
I ship products to Ohio customers from my warehouse in Texas. My LLC is formed in Wyoming and I'm a non-resident alien from China. Last year I had about $200,000 in Ohio sales. Someone mentioned Ohio has a "CAT" tax on gross receipts. How does this work?
Is there a remittance tax when I transfer U.S. LLC profits to Brazil?
I regularly wire money from my LLC's U.S. bank account to my personal Brazilian bank account. My bank charges a spread on the exchange rate, but I've also heard there might be an IOF tax on incoming remittances. Is this true? And do I need to classify the remittance as 'business income' or 'dividend' for the Central Bank's purposes? This affects the IOF rate apparently.
Form 8379: Who Qualifies as the Injured Spouse?
I believe I qualify as an injured spouse. I need help understanding: Form 8379: Who Qualifies as the Injured Spouse?. How does the allocation process work?
Should my foreign-owned LLC use a PEO for payroll and HR — what are the pros and cons?
As a foreign owner of a U.S. LLC, I find U.S. payroll incredibly confusing. Someone recommended a PEO (Professional Employer Organization) that would handle everything — payroll, benefits, HR compliance. But I've heard they become a co-employer of my workers. That sounds concerning. How does a PEO actually work? Would the PEO file taxes under their EIN or mine? What are the real benefits and risks for a foreign-owned LLC?
What does 'contemporaneous' documentation mean — can I prepare it after year-end?
My foreign-owned LLC's tax year ended December 31. I'm just now learning about transfer pricing documentation requirements. My tax return is due in April (or October with extension). Can I still prepare the documentation now and have it count as 'contemporaneous'? Or did I need to have it ready by December 31? I have all the data — I just never put it into a formal document.
Are cross-chain bridge transactions taxable events for my foreign-owned LLC?
My LLC bridges ETH from Ethereum to Arbitrum and Optimism to take advantage of lower gas fees for DeFi. I also bridge USDC between chains. When I bridge, I send ETH on one chain and receive wrapped ETH (or native ETH) on the destination chain. Is bridging a taxable event? I'm not selling the ETH — I'm just moving it to a different network. But technically I'm sending one token and receiving a different one. What's the IRS position on this?
Form 8379: How to Allocate Items Between Spouses on Joint Return
I believe I qualify as an injured spouse. I need help understanding: Form 8379: How to Allocate Items Between Spouses on Joint Return. How does the allocation process work?
How does the U.S.-UK estate tax treaty help British LLC owners with U.S. property?
I'm a British citizen living in London and I own a U.S. LLC that holds two rental properties in Florida worth about $2 million combined. My worldwide estate is worth approximately $8 million. I know the U.S.-UK estate tax treaty exists, but how exactly does it help me? Can it eliminate my estate tax entirely? What do I need to do to take advantage of it?
J-1 exchange visitors and LLC tax obligations
I am on a J-1 exchange visitor visa as a research scholar at a U.S. university. I have a side LLC that I formed to license some software I developed. My J-1 program allows me to earn supplemental income with approval. What are my tax obligations for the LLC income? I know J-1 visitors have some special tax rules and I am in my first year in the U.S. I also want to understand how the two-year home residency requirement affects my situation.
Injured Spouse Allocation: Form 8379 Introduction (Ep. 60)
I believe I qualify as an injured spouse. I need help understanding: Injured Spouse Allocation: Form 8379 Introduction. How does the allocation process work?