Non-resident aliens (NRAs), basically non-US persons, can own a US-based LLC and sell goods and services in the United States. The big question is: Does a foreign-owned LLC owe tax in the US? In...
Business Tax Articles
New FinCEN BOI Reporting For Small Businesses And Trusts – Beneficial Ownership Information
A new BOI reporting requirement came into effect on January 1, 2024, for US and foreign entities that conduct business in the United States. BOI reporting refers to the obligation to...
All 2024 US Tax Deadlines For Expats And International Entrepreneurs
Planning ahead for your tax filings! Be aware of the 2024 tax deadlines to file your taxes for 2023 on time. Below are the key due dates you need to know for your tax filings for the 2023 tax year....
Entrepreneur Abroad? The Business Tax Guide for Expats
Not all American expats are employed by big companies. Actually, many run their own business while living outside the USA. If you own a business overseas or run your US business from abroad,...
LLCs for US Non-Resident Service Providers
Remote work encourages many young professionals to work for foreign companies, either through a contract or as freelancers. This can be very beneficial, but it raises some concern when it comes to...
IRS Form 5471 – A Guide For US Owners Of Foreign Companies (2022 Tax Year)
Attention US owners of foreign companies! If you haven't already heard about it, brace yourself for IRS Form 5471 - one of the most complex and constantly changing tax forms that US-owned foreign...
Which Business Expenses Can Reduce Taxable Income
One of the most frequent questions business owners ask is which business expenses they can deduct to reduce their taxable income. If you are a US taxpayer with a business, either in the US or...
How Accountable Plans Help S Corporations Save Taxes
Many S Corporation owners pay business expenses with personal funds and advance or reimburse themselves. At tax time, they would owe personal tax on the advance or reimbursement. With an Accountable...
Form 5472 Explained: The Top 10 Questions From LLC Owners
A foreign-owned single-member LLC is treated as a corporation for US tax reporting requirements. Foreign-owned corporations must file IRS Form 5472 or they face up to $25,000 in penalties. How do...
When To Switch From LLC To S-Corp
Many US entrepreneurs set up an LLC in the beginning because it is straightforward and not too expensive. Generally, this is a good approach for the start as LLCs offer liability protection and...
Self-Employment Tax On Foreign Income – What Expats & Nomads Should Know
Do you live abroad or travel the world and work for yourself? Don’t overlook self-employment tax on foreign income! A common misconception among expats and nomads is that the first roughly $100,000...
Year-end Tax Tips For Business Owners And Entrepreneurs Abroad
2020 has been a tumultuous year for many businesses. As the year wraps up, business owners abroad have little time left for year-end tax planning to save on 2020 taxes. Here are our 5 year-end tax...
