After successfully registered in Utah, the Corporation or LLC are required to operate in compliance with the General Corporation Law/Limited Liability Company Act of the State of Utah. The following describes the Utah company’s basic maintenance requirements.
All Corporation and LLCs must have and maintain a registered agent, which has a physical street address in Utah. You must file annual report with the Utah Department of State every year. The annual report is an update to your company’s information registered with the state. The report is due on the anniversary date of the entity. If you have state or local business license, you must renew the local business license/permit periodically. The license expiration date is printed on the license.
According to Federal and State tax rules, all active business registered in Utah must file tax returns on time, including business income tax, sales tax, payroll tax and other relevant taxes returns.
All business entities doing business in Utah must file a federal income tax return on or before the following April 15th (Corporation) or March 15th (LLC) of the tax year if calendar year is applied on tax purpose. The Utah state tax return is due on or before April 15th of the following tax year if calendar year used. Every Corporation incorporated in Utah (domestic) must file a corporate franchise tax return which due on April 15th of the following tax year if calendar year used. The minimum franchise tax amount is USD 100, regardless of whether or not the corporation exercises its right to do business. If you plan to sell certain tangible personal property and provide taxable services within Utah, you must pay the Utah sales/use tax. Utah's general state sales tax rate is 4.85% plus the local/county and other discretionary sales rates. if you have employees within Utah, you have to report gross wages to the State, withhold taxes from employees’ pay-checks, and contribute to Unemployment Insurance Tax (UI).
According to Internal Revenue Code, the payments that certain foreign persons receive from U.S. sources, are subject to tax withholding. And they must report the amount withheld to IRS, if any. If a business entity in US held bank or financial account out of US, the entity maybe required to file FBAR with Department of Treasury, or FATCA related forms with IRS.
You are also required to maintain and update the accounting books in accordance with the tax and business law
As discussed above, all active Utah Corporations and LLCs are required to operate in compliance with the Utah business laws. The business entities may also need to apply for the license and permits with state according to different industries. Kaizen U.S. office is a professional CPA firm, offers complete compliance services and business support, such as bookkeeping, filing tax return, making payroll, etc.
Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
A business asset refers to a valuable item owned by a company, including a wide range of categories like physical, tangible goods, such as vehicles and real estate, as well as intangible items. The U.S. tax code sections 1231, 1245, 1250, and capital assets primarily cover most of business assets. This article will provide a brief overview of the capital assets.
Sections 1231, 1245, and 1250 of the United States Internal Revenue Code pertain to the tax treatment of gains and losses on the sale or disposition of certain types of property. This article will discuss the different types of business assets covered and depreciation of U.S. business assets.
In addition to the four employee benefits previously discussed, it is essential to consider a fifth benefit: health insurance, which represents the most significant expense associated with employee benefits in contemporary workplaces. The Affordable Care Act (ACA) stipulates that organizations employing 50 or more full-time employees are subject to a tax penalty unless they provide adequate healthcare coverage that complies with ACA standards for their full-time workforce.
It is also advisable for employees to engage in a comprehensive dialogue with prospective candidates regarding the company's benefits package prior to joining the organization. It should be noted that the provision of employee benefits is not a mandatory requirement. However, there are five notable exceptions where such provisions are legally binding: Social Security
