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9d •
Hello everyone, I'm Ethan Carter
Hi Guys, i'm new here in this circle and i'm looking to grow my network, Increase my online credibility, and find the right strategies for my business
0 likes • 8d
Welcome Ethan! 🙂🙌
13d •
Federal Tax return
As a single member LLC(service based completely outside of US) Do I still need to file form 1120 and 5472? Or I have to file 1040NR? Please help
1 like • 12d
Hi @Kamran Khan yes, you still need to file those forms even if you don’t owe taxes and your business is 100% online because it’s required by the IRS. You only file Form 1040-NR if you have U.S sourced income; if not, you just file Form 5472 with the pro forma 1120.
13d •
business address
I have a friend in the US who is willing to let me use his residential address for my company. However, I wouldn’t feel comfortable using that address publicly (for example on my website footer or on a Google Business Profile). Is it possible to structure things like this: - Use my friend’s residential address as the company address for legal/banking purposes - Use a virtual office address for business presence (website, contact page,Google business profile etc.) Has anyone done something similar or knows if this setup is acceptable? Thanks a lot!
2 likes • 12d
Hey @Faissal M Yes, that’s pretty common. You can use your friend’s address for legal/banking purposes and a virtual office for your public presence. 🙌
17d •
Open LLC with a foreign company as member
Hi everyone. I'm thinking on opening a single member LLC (disregarded), but the member would be my local company (which I'm the single owner also). Are there any changes in the way 5472 form is filled for this scenario? Also, would it be more difficult to get bank accounts for the company? Thanks.
0 likes • 15d
Hi Luis! So if you own 100% of your local company, which owns the US LLC that makes the US LLC foreign-owned, and you’d file Form 5472 to report those transactions. As for banks, it’s usually the same process.
16d •
Do I have to file tax report for stock brokerage account if I have itin?
Hi, recently I am applying for itin. Here I got one question, do I have to file report for personal stock brokerage account profit if I have itin?
1 like • 15d
Having an ITIN doesn’t automatically mean you need to file a US tax return. If you’re a non-resident with a US brokerage account, your broker usually withholds taxes on dividends or gains, which often covers you. You’d only file Form 1040NR if the withholding was wrong or if you want to claim a treaty benefit.
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