Forming a New US Business and foreign to the US please read the following! An often overlooked reporting responsibility is...
Forming a New US Business and foreign to the US please read the following! An often overlooked reporting responsibility is the BE-13. This is not a US tax form but was put in place to collect information on foreign investment in the US. It is administered by the United States Bureau of Economic Analysis (“BEA”)…
Overview The BE-12 report is a survey conducted by the United States Bureau of Economic Analysis (“BEA”). The survey is conducted every 5 years with the current survey covering fiscal years ending in 2022. Note that this is independent of any IRS filing which is done separately. All entities subject to the reporting requirements must…
Partnerships, S-Corps and Corps S-corps and Partnership tax structures were designed for small businesses. These two types of entities do not pay corporate tax, whereas C Corps are more or less standalone entities and therefore pay their own tax, independent of their owners. Fund transfers in and out of Partnerships and C Corporations can result…
Here are a few guidelines when asked about inventory pricing and transfers between related companies, especially when one is a foreign related entity: 1. The first issue is the notion of transfer pricing between related companies. These should be constructed as if they were arm length transactions between unrelated buyers. Often times there is a…
It is early December and after all your research you decide to incorporate your business in the United States. You live and work in France and think a great way to enhance your business will be having a presence in the US. You have done your homework and decided on the state in which you…
In most cases your need to file a tax return of some sort. Failure to File (FTF) penalties are the consequence of not filing. Even if you do not owe a tax, returns need to be filled out completely and filed. Remember, a poorly prepared returns filed on time will land you a penalty. Some…
Form’s 1099NEC and 1099MISC The 1099 form requirements have been simplified below. This is an area of increasing complexity, but it is safe to say that the penalties can quickly add up for not filing or incomplete filing. Since these must be e-filed and in the hands of the recipients by the end of January…
Here is tax news you can use…. It seems not a day goes by when a potential new client comes to us with a penalty notice from a state. In about 90% of these cases the situation is similar to this: The company registered with the state to collect sales tax or payroll withholding taxes….
Tax news you can use…. We all went through the scramble of collecting the information to file 1099’s in January. As a refresher…Under the tax law, payers are responsible for knowing who they are paying. To accomplish this, payers are required to collect the legal name and taxpayer identification number, or TIN, from vendors they…
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for…
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