Under Internal Revenue Code “IRC” Section 1446, a partnership of this sort may be made up of any kind of foreign corporation, international organization, non-resident individual or foreign estate or trust. Any partnership that falls under the definition of 1446 must pay the required withheld taxes mandated by the IRS.
There are several ways that funds from U.S. non-profits can be sent to foreign organizations. However, U.S non-profit organization may be exposing themselves to risks and possible dangers of losing their tax-exemption status.
If you have not filed your tax returns for years and now you owe lots of money to the IRS, there are ways to deal with this issue but the best advice is to contact a tax attorney so they can explain all of the different steps and hopefully lower some of the money you owe.
Board members are responsible for making strategic goals and decisions for the charitable organization. Officers are generally the “responsible party”
Form 5471, is an informational return that reports activity of foreign corporations in which certain U.S. citizens or residents, who are officers, directors, or shareholders of a certain foreign corporation are required to file. The term “certain” leaves room for interpretation, which is why it is important to consult a tax attorney who understand the different categories of fillers the IRS provides.
If a LLC member is not personally liable for the LLC’s debts, has no authority to contract for the LLC, or does not participate in the LLC’s business for more than 500 hours per year, their income is considered passive, and therefore, not subject to self-employment tax.
The main difference between Form 1023-EZ and Form 1023 is the information required from the organization and the time for approval. Form 1023 is used by organizations that are bigger and expect to receive more than $50,000 in the following three years. While Form 1023-EZ is three pages, Form 1023 is 26 pages!
Employers are responsible for sending the W-2 form to the IRS and to the employee each year, which reports the employee’s annual wages and the amount of taxes withheld from his or her paychecks.
IRAs allow you to save for retirement with tax-free growth on a tax-free basis. You can also establish different sub-trusts within the IRA trust for the benefit of your beneficiaries, including your spouse. You can design each sub-trust to fit the unique needs of each beneficiary.
Do you hire someone as an employee or as a contractor? What is the difference between an employee and an independent contractor? How do you know if someone is legally able to work in the United States?
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
