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Do I need to file a State Filing?
It's best to do a tax consultation with our certified professional tax experts who can help you determine the answer.
As a general rule of thumb: if you don't have a formal physical office, permanent employees in attendance, stock or inventory and business operations, then you won't need to file a State return. This is even if your US company address is located in that state. Basically: it depends on what you're doing in the state.
How do I update the IRS with my company address
Just put your new address on your new Tax Filing, and they'll update their systems. Or see here for other methods: https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes
What is a nil return?
Nil return means your US Corporation has no transactions in the concerned tax year.
Do I need to file a Form 5471 ?
Yes if your US corporation had a foreign subsidiary at any time during the concerned tax year.
Do I need to file a Form 5472 ?
Required if US corporation did any reportable transactions at any time during tax year AND has any 25%+ foreign shareholder. See here https://www.irs.gov/instructions/i5472
Do I need to file a Form 1099?
If you have paid a US resident contractor or an LLC as a contractual payment or rent, during the Concerned Tax Year, then yes you must file a Form 1099 by 31st January of the following year annually. One filing per person/LLC. If you've missed the deadline, discuss with us how to proceed.
What is the difference between Form Form 8938 and FBAR?
You may need one, the other, or both. FBAR is filed with the Financial Crimes Enforcement Network (and is based on calendar year), whereas Form 8938 goes to the IRS as part of your federal tax filing (and is based on your chosen tax year). FBAR is judged based on foreign balances controlled by your US entity's foreign accounts or its controlled entities foreign accounts, whereas Form 8938 is judged based on a threshold of specified passive income. See here for more details: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
Are there exceptions to filing Form 5471?
Yes, there are exceptions based on ownership thresholds and specific circumstances. It's essential to review the IRS guidelines to determine if you meet the criteria for exemption from filing Form 5471.
Do I need to file Form 8938 if I already report foreign assets on other forms like FBAR (FinCEN Form 114)?
Yes, both Form 8938 and FBAR might be necessary since they serve different purposes and have separate reporting thresholds. While FBAR has its requirements, Form 8938 is part of your annual tax return and may need to be filed, even if you're already submitting FBAR.
Which foreign assets should be reported on Form 8938?
Form 8938 includes various foreign financial assets like bank accounts, investments, foreign entity ownership, etc. For a complete list of reportable assets, refer to IRS instructions.