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Which Korean tax certificates matter for banks, visas and business checks?
A bank or counterparty asked me for Korean tax certificates. Please explain the difference between payment, clearance, income and business registration certificates, and why requesting the right one matters.
Related Questions
What transfer pricing documentation do I need to avoid penalties under IRC 6662(e)?
I've been reading about 'contemporaneous documentation' requirements for transfer pricing and I'm confused about what I actually need to prepare. My foreign-owned LLC does about $500K in revenue with intercompany transactions totaling about $100K per year. Do I need a full-blown transfer pricing study like multinational corporations prepare? What are the specific documentation rules under IRC 6662(e) and how detailed does it need to be?
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.
What penalties does the IRS impose for transfer pricing violations — the 20% and 40% rules?
I heard the IRS can impose a 20% or even 40% penalty on transfer pricing adjustments. My LLC has about $80K in intercompany transactions and I have minimal documentation. What exactly triggers these penalties? Is it just based on the dollar amount of the adjustment, or does intent matter? Can I avoid penalties after the fact by showing I acted in good faith?
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