For foreign investors seeking to establish a business presence in the United States, the Single Member Limited Liability Company (LLC) serves as an attractive and flexible option. Understanding the tax filing requirements for a foreign-owned Single Member LLC, classified as a disregarded entity by the Internal Revenue Service (IRS), is crucial to ensuring compliance [...] Read more
Deciding to live as a U.S. citizen or a green card holder (lawful permanent resident) outside the United States comes with its own set of financial responsibilities. Even though you're in a different part of the world, the IRS still expects you to follow the rules. That means filing income tax returns, dealing with [...] Read more
Tax credits can either lower what you owe in taxes or increase your refund. Some credits might even give you money back, even if you don't owe taxes. These credits are like helpful tools from the government, encouraging good actions. They're not just about saving money but also about making things better, like supporting [...] Read more
Beneficial Ownership Information Reporting (BOI) stands as a critical component in financial transparency, aiming to combat money laundering and illicit financial activities. Filing BOI reports with the Financial Crimes Enforcement Network (FinCEN) is a mandatory process for various entities, ensuring a clearer understanding of the individuals behind a company or entity. Below you can [...] Read more
If you are a cryptocurrency investor or receiving payments for your products or services in cryptocurrency, be aware that cryptocurrency transactions are under the radar of IRS now more than ever. Before getting into the topic, let’s define cryptocurrency. For federal tax purposes, cryptocurrency is a virtual currency and treated as property. It’s not [...] Read more
Even though we are in the middle of the tax season, some of you may still haven’t received all your tax forms yet. You must make sure to receive all your forms before filing your tax return. If you do not include income statements, this will cause an IRS audit and you may owe [...] Read more
With effects of Covid still impacting the economy, it’s not too soon to start looking forward to next year’s return as 2021 seems to be another tricky tax year, here’s what you can do to stay prepared. Stay On Top of Your Important Documents and Information Federal threshold for issuing the 1099-K will drop [...] Read more
Paycheck Protection Program (PPP) application deadline is extended from March 31st to May 31st, 2021 by Senate. The PPP Extension Act of 2021 does not provide any additional funding for the current round of the PPP. You can apply for PPP Loan with New Self-employment Gross Income PPP Loan Application Guide till May 31st. [...] Read more
The U.S. Small Business Administration (SBA) is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan [...] Read more
As tax season for 2020 returns getting more complicated with the new stimulus package, PPP deadline and extended tax filing deadline, you are probably frustrated with filing or waiting for 2020 tax return, and thinking which one is a better option for you. Here are couple of topics for your consideration: For Stimulus Check [...] Read more