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U.S. Taxation of Foreign Investment in Real Estate Related Income
According to the resident alien definition, you are a resident alien of the United States for tax purposes if you meet either the green card test or the substantial presence test for the calendar year (January 1-December 31). To meet substantial presence test, you must be physically present in the U.S on at least 183 days during the current year, or 183 days during the 3-year period that includes the current year (at least 31 days) and the 2 years immediately before that.
Taxation for LLC
A Limited Liability Company (LLC) is a business structure allowed by state statute, but IRS does not recognize LLC on tax purpose. The IRS treats an LLC as either a partnership, or a corporation depending on the number of members and elections made by the LLC.For income tax purpose, a single member LLC is treated as a sole proprietor by default. In this case, the LLC does not need to pay income taxes or file a tax return with the IRS.
Introduction to Corporate/LLC Income Tax in United States
Worldwide taxation means income accruing in and outside of United States are subject to United State income tax. Under a worldwide tax system, secondary jurisdiction over foreign-source income exists. If the tax in the foreign country is lower than the tax rate in the residence country, residual tax will be imposed. If the tax rate in the foreign country is higher than the tax rate in the residence country
How to Register for New York State Sales Tax
If you will be making sales in New York State that are subject to sales tax, you must register with the Tax Department and obtain a Certificate of Authority. The Certificate of Authority gives you the right to collect tax on your taxable sales and to issue and accept most New York State sales tax exemption certificates. Generally, the seller collects the tax from the purchaser and remits it to New York State.
US Sales Tax Filing Requirements Introduction
Sales tax for the US consists of state, local, and other local taxes that may arise, and local sales tax rates vary from place to place. The following states and the District of Columbia only levy a state-level sales tax: Connecticut, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, and Rhode Island.
United States Sales and Use Tax Guide
When it comes to United States sales and use tax, foreign investors are surprised by the differences between U.S. sales and use tax and Value Added Tax (VAT) in other countries. U.S. sales and use tax is similar to Valued Added Tax (VAT) as both are indirect taxes. However, U.S. sales and use tax are imposed on the sub-national level because U.S. does not have a national system for sales and use tax.
Introduction to U.S. Corporate Liquidation and Taxation
What is corporate liquidation?The regulations under Section 332 suggest that a liquidation has occurred when the corporation ceases to be a going concern and its activities are merely for the purpose of winding up its affairs, paying its debts, and distributing any remaining balance to its shareholders.
Faqs on US Individual Tax Identification Numbers
Is it possible to declare the taxes in USA with ITIN instead of EIN?Is it possible to declare the taxes in USA with SSN instead of ITIN?Is the validity of ITIN equal to the identity of a member of permanent citizen in USA?
U.S. Employer Identification Number Guide
The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number (FTIN), is a unique nine-digit number (for example, 12-3456789) assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification. EIN just like a Social Security Number (SSN) for your personal identification number.
U.S. Individual Taxpayer Identification Number Guide
In the United States, to facilitate tax collection, the Internal Revenue Service (IRS) requires that it is necessary to submit corresponding tax identification numbers when filing federal tax returns. If you plan to open a corporate bank account or a personal bank account in the United States, the tax identification number of the company’s responsible person or individual is also one of the required documents.