doola Presents
Free Live Tax Q&A Webinar
Taxes are due in less than 30 days for many businesses. Join a live webinar where the doola tax experts will cover the common questions tripping most business owners up on March 1st. Click the link below to register.
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doola is used by thousands of founders to start, manage, and grow their business
Parshwa has been a great support for the company
formation. He is very very responsive, fast and efficient. He has helped
a lot with the tax / financial topics for non – residents. I would
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Well, I can’t believe, it just took only 3 weeks
for me from sending application to Doola and getting an account… Doola
team, you are very professional, very clear, thank you for your work and
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from year to year!
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Great experience. Super fast with the
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it’s really not their fault. Arjun and his team are fantastic.
Very kind and respectful. Has a great way to
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Tax FAQs
What is the fine for missing the US tax filing deadline for an LLC?
If you forget to file OR are late for filing Form 5472 and Form 1120 as a
Foreign-Owned Single-Member LLC, then the fine from the IRS is $25,000. Read more about it
here.
If I have no physical presence in the US how will I be taxed?
If your U.S. corporation is at least 25% owned by a foreign entity or
person, then you’re required to file Form 5472 and Form 1120, which will report any business
you had that was involved in US Trade or Business as well as let you know how much income
tax liability you have. However, generally speaking, as long as you don’t have a physical
presence in the US and are a purely online business, you will only need to make an
informational filing in the US and not pay US income taxes (you’d then pay income taxes only
in your home country). Physical presence = you are in the US, your employees are, you have a
physical office etc! If none of these apply then you don’t have a physical
presence.
Learn more here.
You can also learn more about US tax filing requirements in our ultimate
guide to US tax filings.
When are US Federal Government taxes due?
To learn more about US federal government taxes, check out our
tax filing guide!
Requirements for each state vary. If you registered your company in the following States,
then you don’t have to pay State Income Taxes. Alaska, Florida, Nevada, South Dakota,
Texas, Washington, Wyoming, Tennessee, and New Hampshire.
What are W9s? How are they relevant to my business?
The full name of a W9 is the “Request for Taxpayer Identification Number
and Certification.” It is used for the business to report payments to freelancers that sum
to more than $600 during the tax year. The W9 is an informational form used to
prepare the 1099-NEC, which is what the IRS requires a business to report each
year.
The W9 is not what is sent to the IRS. It is used to prepare the 1099. W9s are
simply informational forms that are used to accurate prepare 1099s at year-end.
What is a W-8BEN-E? What are the W-8ECI and W-8EXP?
These forms are unlikely to apply to most beneficiaries that are paid by
businesses.
In general, the W-8ECI is used for special instances in which a foreign individual
receiving nonbusiness income would not be subject to the 30% tax as in forms
W-8BEN and W-8BEN-E. Instead, the individual would be taxed at the same graduated rate
as US citizens.
The W-8EXP is primarily used by foreign governments, foreign tax-exempt entities, and any
US possessed or foreign central banks.
If you believe your business may need to use these informational forms, please contact
our in-house CPA for a consultation on your specific business situation.
What are 1099s? How are they relevant to my business?
In the United States, individuals report their earnings from sources other
than wages, salaries, or tips as a specific line of taxable income. Generally, individuals
who receive payment as an independent contractor, who does not have taxes withheld from each
paycheck, will rely on a form 1099 to accurately report their income on their personal
return.
The 1099 series is relevant to businesses since many will pay individuals, freelancers,
or other vendors for services rendered during the year. Other circumstances for 1099s to
be issued include stockholders who receive dividends from a company or bank account
holders who are paid interest.
For companies that only hire full-time or part-time employees that are paid through
payroll, the W2 would be the appropriate form.
There are two main forms that are applicable to most entities in the United States: the
1099-NEC and 1099-MISC. Individuals who receive these forms would not be
considered employees. As a final note, 1099s are only sent in relation to trade or
business. Payment for personal services such as gardening at your house would
not need to be reported through a 1099.
What is a 1099-NEC?
This form is the most common 1099 form reported in the US. If your
business pays any independent contractors, freelancers, or other non-employees an amount of
over $600 for services rendered during the tax year, your business will need to send a
1099-NEC to that taxpayer.
This rule applies to everyone that was paid by the business and is not considered an
employee. Due to this, it is vital for companies to obtain accurate and
complete W9s from any vendors, independent contractors, or freelancers that are being
used as soon as possible.
What is a 1099-MISC?
The 1099-MISC is commonly used for any payments sent to individual
taxpayers by the business that aren’t for services rendered. This includes any payments for
rent, payments for prizes, payments for royalties, as well as other miscellaneous income
outside of the realm of employment.
When are these due? What are the penalties of non-compliance?
All entities are required to send 1099s by mail during February in the
year that taxes are reported. For each instance of non-compliance (failure to send a 1099),
the penalty is $250 per form. At doola, we are able to make sure these are filed on a timely
basis to ensure compliance.
What is IRS Form 6166?
Form 6166 is the TRC for the United States, with the official IRS title
being “Certification of US Tax Residency.” It is used by US residents to show
foreign governments that they are eligible for tax treaty benefits.
Example: A US resident who works as an engineer travels to Norway to work for a few weeks
out of the year on a new pipeline. He was paid by a Norwegian company for work performed
in Norway. To avoid being taxed at the higher rates in Norway and instead claim those
wages in the US, he would need to present a US TRC: Form 6166. At doola, we can assist
our customers with directly obtaining this form.
What is IRS Form 8802?
While Form 6166 is the official TRC used to show residency, the actual
application for IRS Form 6166 is Form 8802, the “Application for United States Residency
Certification.”
This form would be submitted to the IRS to obtain Form 6166. For any clients seeking to
obtain this, doola can assist in the application process. Some of the requirements for
application include that the applicant has filed an appropriate income tax return in the
year of their request and did not file as a nonresident in the year of the
request.