If you’re starting a business, hiring employees, or need to file certain tax returns, you may be required to obtain an Employer Identification Number (EIN) from the IRS. Here’s what you should know: What is EIN? An Employer Identification Number (EIN) is a unique nine-digit number issued by the IRS to identify a business for [...]
Post-pandemic world has seen more and more people started working for themselves either by setting up their own business or working as a freelancer which potentially triggers self-employment tax. In this short article we will briefly look at a few basic questions of the self-employment tax: Who is considered self-employed? Generally, a taxpayer is considered [...]
Who files Form 5471? Any U.S. citizen, U.S. resident alien, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, will likely be required to file Form 5471. The tax code explains that any “U.S. person” who meets certain requirements relating to ownership or control of the foreign corporation would [...]