While taxpayers who run online businesses from the United States are generally subject to income tax and state sales tax (depending on the nature of the business, the primary location of their customer base, etc.) no specific guidance exists on
The Compliance Assurance Process (“CAP”) is a program where a team from the Internal Revenue Service (“IRS”) works with participating taxpayers collaboratively to identify and resolve potential tax issues before the tax return is filed each year. This allows for
Earlier this year, Representatives Carolyn B. Maloney and Peter King, both New York Congressmen, reintroduced legislation in the House of Representatives that would require disclosure of a corporation’s beneficial owner; companion legislation being introduced in the Senate by Senator Sheldon
Under current regulations, spanning from Treas. Reg. §§ 301.7701-1 through 301.7701-3, a domestic limited liability company (“LLC”) organized under the laws of the United States, with only one member is by default classified as a disregarded entity for tax purposes.
Pursuant to Internal Revenue Code § 1361, there are certain restrictions to qualify for S-Corporation status; one of which is that a shareholder cannot be a nonresident alien. If a nonresident alien were to become a shareholder of an S-Corporation