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Why do I need an ITIN?
There are several reasons that you need an ITIN. This is from the IRS website: Does the following apply to you? Related questions
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Who is a “Foreign person”?
FIRPTA defines a “Foreign Person” by defining who is not a Foreign Person, so it is important to understand the following definitions: Notes: When counting days, you may not include the days that a Foreign Person is present in the U.S. as a representative of a foreign government (e.g. foreign diplomat), as a teacher or…
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When are income taxes due?
As a nonresident alien, when to file depends principally whether you have an office of place of business. If you are a member of an LLC or other entity you must have a place of business by law. LLC’s or other entities may be classified as “partnerships” or “corporations” for U.S. income tax purposes. Partnership…
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What is the fiscal year in the US?
The fiscal year in the US runs from January 1st to December 31st Here’s how we can help you: Related questions
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What is FIRPTA?
United States tax law requires that all persons, whether foreign or domestic, pay income tax on the disposition of U.S. real property interests. Domestic persons or entities typically are subject to this tax as part of their regular income tax; however, the U.S. needed a way to collect taxes from foreign persons on the sale…
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What is an ITIN?
An ITIN or individual tax identification number is your personal identification number with the IRS. You will need to complete an application form and go through a lengthy process to obtain one. It typically takes between 8 to 12 weeks to obtain your number. Here’s how we can help you: Related questions
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What happens if I miss my tax extension deadline?
If you missed the tax deadline but are due a refund there is no penalty. But if you owe taxes and missed the deadline, there’s good news and bad news. Bad news: You can’t file an extension at this point. More bad news: you will be charged failure-to-file and failure-to-pay penalties for missing the deadline.…
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What do I do if I can’t file on time?
Taxpayers needing more time to file their taxes can get an automatic six-month extension from the IRS. Please see “When must taxes be filed by?” to determine your filing deadline. Here’s how we can help you: Related questions
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My LLC is registered in a State that has no income tax, I don’t have to pay tax on my profits, correct?
No. You must pay income tax to the IRS on any profit you make, and you must pay income tax where you made the profit, not where your LLC is formed. So, if you made profit in a state that had a 10% tax rate, you’d pay 10% income tax, regardless of where you were…
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I got charged a tax penalty, what can I do?
If you get charged a tax penalty, you have several options to deal with it. Option 1: You can pay the penalty. Option 2: If you can’t pay your balance in full, pay what you can now. You can enter into an Instalment Agreement to pay the remaining balance. Entering into an Instalment Agreement may…
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