Nonresident Tax Issues

Nonresident Tax Issues

Taxes listed an earned in another state

I worked remote in de. My co. Listed me as working in n.c. for about a week (less than 2 k). I received tax documents for n.c and de (where I live and work). I was in n.c. for 3 days for an all hands meeting. Should I file in n.c.?

Nonresident Tax Issues

Which State Do We Pay

I have a business in one state and 1 employee who lives and does their job in another state (works remotely for us). Do we pay the state withholding and state unemployment to the state where we are located for that employee or do we pay the state where the employee lives and performs their work?

Nonresident Tax Issues

5472 form

Hello, I require assistance with filing my 5472 form. I'm finding the form quite complex and would appreciate any guidance you can offer. Please tell me about the price and support you provide for completing this form. Thank you.

Nonresident Tax Issues

Applying for ITIN

Hello, I am reaching out to seek information about ITIN registration. We have an LLC registered in Wyoming and want to apply for ITIN. Can you please share the details about the process, timeline and costs associated with this. Thanks

Nonresident Tax Issues

Gift taxation foreign person

Non-US citizen and non-US resident (nonresident alien) with a US bank account want to gift a total of up to $100,000 in cash this year to 2 children who are US citizens and US residents. The gifts will be wire transfers or checks from their US bank account. Questions: Is this gift subject to US gift tax for me (the donor)? Is the gift considered taxable income to my children (the recipients)? Is it up to 100k per year with no reporting filing 3520?

Nonresident Tax Issues

Rental income tax for foreign property buyer

Hi, we are non US residents and considering buying an investment property in Florida. Would like to get some advice on the tax implications if we rent it out and annual tax preparation matters. Thank you.

CPA Answer:

Hi Laura-

This is not a simple question but I will give you the basics. However, I recommend that you get further advice beyond here. In general, if you have a rental property in the US, you will need to file as a non-resident. Florida does not have a state income tax but you would need to research whether they have any Franchise Taxes or Lodging Taxes that your property would be subject to. Hope this is helpful. Jackie

Answer Provided by: Jackie Compton

Nonresident Tax Issues

First LLC: No Income, No Expense Filing

Curious to know if an LLC would be subject to taxation if it were to incur zero income and expense? And how to file them.

CPA Answer:

Hi Marcus,

Choosing the appropriate legal entity depends on many factors including the type of business, types of services, future operational expectations, etc.  Most people that are starting a business will either choose to be a Sole Proprietor or and LLC; however, in some circumstances, starting as an S-Corp or C-Corp make the most sense.  If your business has some risk that you would like to separate from your personal finances, you may want to start out as an LLC.

To answer the question based on your current situation, since your business has zero income and expenses, there will be no tax impact since there will be nothing being passed on to you to be taxed. 

Answer Provided by: Christopher Kent

Income Reporting from U.S. Possessions

U.S. citizen or Resident Alien - Not a bona fide resident of Puerto Rico

CPA Answer:

If you are a U.S. citizen or resident alien and Not a bona fide resident of Puerto Rico during the entire year, you generally must file:
A Puerto Rican tax return reporting only income from Puerto Rican sources. Wages for services performed in Puerto Rico, whether for the U.S. Government, a private employer or otherwise, is from Puerto Rican sources.
A U.S. tax return reporting income from worldwide sources. Generally, you can claim a foreign tax credit for income taxes paid to Puerto Rico on the Puerto Rican income that is not exempt from U.S. taxes.

Answer Provided by: CPAdirectory

Income Reporting from U.S. Possessions

Nonresident Alien - Not bona fide resident of Puerto Rico

CPA Answer:

If you are a nonresident alien of the U.S. who does not qualify as a bona fide resident of Puerto Rico for the entire year, you must file:
A Puerto Rican tax return reporting only your income from Puerto Rican sources. Wages for services performed in Puerto Rico, whether from the U.S. government, private employer, or otherwise, is income from Puerto Rican sources.
A U.S. tax return (Form 1040NR) according to the rules for a nonresident alien.

Answer Provided by: CPAdirectory