QSS Eligibility: Entitled to File Requirement (Ep. 73)
I need help with my filing status: QSS Eligibility: Entitled to File Requirement. What are the rules and how do I determine what applies to my situation?
What makes a foreign corporation a Controlled Foreign Corporation (CFC)?
I've been told my foreign company might be a CFC, but I'm not sure I understand the definition. I'm a U.S. green card holder and I own 30% of a company incorporated in the UK. My brother, who is also a U.S. resident, owns another 25%. The remaining 45% is owned by a British citizen who has no U.S. ties. Is our company a CFC? Does it matter whether we own voting shares or non-voting shares?
Does Bitcoin mining through my foreign-owned LLC create a U.S. trade or business?
I'm a foreign national who set up a Wyoming LLC to operate a small Bitcoin mining operation. The mining rigs are physically located in Texas (cheap electricity). I manage everything remotely from abroad. Does operating mining equipment in the U.S. through my LLC create a U.S. trade or business? If so, all the mining income would be ECI and I'd owe U.S. taxes on it. Is there any way to structure this to avoid ECI, or is mining in the U.S. always going to be treated as a trade or business?
QSS Eligibility: Not Remarried Requirement Explained (Ep. 72)
I need help with my filing status: QSS Eligibility: Not Remarried Requirement Explained. What are the rules and how do I determine what applies to my situation?
What are Colorado's tax requirements for a foreign-owned LLC with Colorado sales?
I sell outdoor gear online and ship to Colorado customers. My LLC is in Wyoming and I'm a non-resident alien from Germany. Colorado sales were about $90,000 last year. I know about sales tax but are there income tax implications too?
Qualifying Surviving Spouse Filing Status: Complete IRS Guide (Ep. 71)
I need help with my filing status: Qualifying Surviving Spouse Filing Status: Complete IRS Guide. What are the rules and how do I determine what applies to my situation?
LLC with two foreign owners — is it still Form 5472 or something else?
My business partner and I are both non-US persons. We formed a two-member LLC. Someone told me multi-member LLCs don't file Form 5472 but Form 1065 instead. Is that right?
How does the U.S.-China tax treaty affect Chinese owners of U.S. LLCs?
I am a Chinese tax resident who recently formed a single-member LLC in the United States to sell software services. I want to understand how the U.S.-China income tax treaty affects my withholding and tax obligations. What are the treaty rates for different income types? Are there any special complications I should be aware of as a Chinese national?
What does the U.S.-India tax treaty mean for my U.S. LLC?
I am an Indian resident who owns a single-member LLC in the United States providing IT services. I want to understand the key provisions of the U.S.-India tax treaty that apply to my situation. What are the withholding rates for different income types? Does India recognize the LLC as a transparent entity for treaty purposes?
Green card abandonment and continuing LLC ownership
I am considering abandoning my U.S. green card and moving back to my home country. I own a U.S. LLC that generates significant income. Can I continue to own my LLC after giving up my green card? What are the tax implications of this transition, and are there any exit tax requirements? I want to plan this carefully to minimize unexpected tax liabilities.
Does my foreign-owned LLC need workers' compensation insurance for its employees?
I'm setting up my foreign-owned LLC to hire employees in multiple states. I know about FICA, FUTA, and state unemployment tax, but someone mentioned workers' compensation. Is this another tax? Is it mandatory for all employers? My LLC is in a low-risk industry (software development) — do I still need it? What happens if an employee gets injured and I don't have coverage?
Form 1040 Basics: Filing Status, Personal Info, and Tax Preparer Section
I need help with my filing status: Form 1040 Basics: Filing Status, Personal Info, and Tax Preparer Section. What are the rules and how do I determine what applies to my situation?
What is a cost sharing arrangement and does it make sense for my small foreign-owned LLC?
I've heard that some companies use 'cost sharing arrangements' to split development costs across related entities in different countries. I own a software company overseas and a U.S. LLC that sells to American clients. Both entities benefit from the software platform I keep developing. Would a cost sharing arrangement be a good structure for us, or is it only for big tech companies? What are the IRS rules?
I dropship through a foreign-owned LLC — products ship directly from China to U.S. customers. What are my tax obligations?
I'm from Turkey and I have a Wyoming LLC for my dropshipping business. I use Shopify for the store and AliExpress suppliers ship directly to my U.S. customers from China. I never touch the products — they go straight from the Chinese supplier to the customer. I made about $60,000 in revenue last year. Since I never have any inventory in the U.S. and I operate from Turkey, do I still have any U.S. tax obligations beyond Form 5472? Also, what about sales tax? I'm not sure if I need to collect it when the products are shipping from overseas.
Stripe Atlas vs manual LLC formation — is the $500 worth it for the banking setup?
I'm a software developer in India planning to sell a SaaS product to U.S. customers. Stripe Atlas charges $500 to form an LLC in Delaware and includes a Mercury bank account, Stripe account, and other perks. Alternatively, I could form the LLC myself through Wyoming for about $100 plus a registered agent fee, then open Mercury and Stripe accounts on my own. Is there any advantage to going through Stripe Atlas besides convenience? Does the Mercury account through Atlas get approved faster or have better terms? The $400 difference matters to me since I haven't launched yet.
Filing from outside the US — do I mail Form 5472 internationally?
I live in Germany and need to send my completed Form 5472 to the IRS. Do I mail it to a US address? Is there an international mailing address? Can I e-file?
Filing Status Comparison: Single vs Married Filing Jointly vs Separately
I need help with my filing status: Filing Status Comparison: Single vs Married Filing Jointly vs Separately. What are the rules and how do I determine what applies to my situation?
I'm from Vietnam — how does my U.S. LLC get taxed?
I'm a Vietnamese citizen living in Ho Chi Minh City. I formed a Delaware LLC for my graphic design freelancing business. I work from Vietnam for U.S. and international clients. What are my tax obligations? Vietnam recently updated its tax laws and I'm confused about the personal income tax on foreign earnings.
What happens if my LLC had only $50 in the bank account the whole year?
My LLC literally only has $50 from the initial deposit. No revenue, no expenses beyond the registered agent fee. Do I still need to file Form 5472 for this?
Married Filing Jointly: Both Spouses Must Agree (Even with No Income)
I need help with my filing status: Married Filing Jointly: Both Spouses Must Agree. What are the rules and how do I determine what applies to my situation?
Can I file Form 5472 myself or do I absolutely need a CPA?
My LLC had zero revenue this year. It seems like the filing should be pretty simple for a zero-income LLC. Is it realistic to do this myself or is it too risky without professional help?
Filing Status When Spouse Passes Away: IRS Rules for Year of Death
I need help with my filing status: Filing Status When Spouse Passes Away: IRS Rules for Year of Death. What are the rules and how do I determine what applies to my situation?
I accidentally filed Form 8832 as foreign entity — how do I fix this?
I filed Form 8832 and checked 'foreign eligible entity' because I'm a foreign person. I just learned this was wrong since my LLC is domestic. What's the fastest way to correct this?
Can I get an ITIN and EIN at the same time?
I need both an ITIN and an EIN for my new LLC. Can I apply for both simultaneously or do I need to get one before the other?
Does Stripe count as a reportable transaction on Form 5472?
I receive payments through Stripe for my SaaS. Stripe deposits to my LLC's US bank account. Is each Stripe payout a reportable transaction? Or just the total for the year?
Married Filing Jointly with Non-Resident Alien Spouse: MFJ Qualification Rules
I need help with my filing status: Married Filing Jointly with Non-Resident Alien Spouse: MFJ Qualification Rules. What are the rules and how do I determine what applies to my situation?
Same-Sex Spouse Filing Status: IRS Rules for Married Couples
I need help with my filing status: Same-Sex Spouse Filing Status: IRS Rules for Married Couples. What are the rules and how do I determine what applies to my situation?
Married Filing Separately (MFS): Introduction and Overview
I need help with my filing status: Married Filing Separately : Introduction and Overview. What are the rules and how do I determine what applies to my situation?
Married Filing Separately: When and Why to Choose MFS
I need help with my filing status: Married Filing Separately: When and Why to Choose MFS. What are the rules and how do I determine what applies to my situation?
Married Filing Separately: Pros and Cons of MFS Filing Status
I need help with my filing status: Married Filing Separately: Pros and Cons of MFS Filing Status. What are the rules and how do I determine what applies to my situation?