US Taxes & ITIN

The US Tax liabilities can be both easy and complicated structures, especially for non -residents. The taxes do prevail on both residents and non-residents owned businesses when looking at the state and national levels.

The US could be a tax haven for companies owned by non-residents. On the other hand, the taxation variates with the physical presence/nexus of a non-resident owned business.

PHYSICAL PRESENCE:

A business will have a physical presence if it is operating, hiring employees, banking or even holding an asset in a state other than its state of Incorporation.

ITIN (Individual Taxpayer Identification Number):

Any person who needs a tax identification number but is not eligible to obtain a Social Security Number can apply for an ITIN. It is used when applying for the bank account, accounts with Paypal or other online merchants. We do help to verify identification with filing ITIN.

The following people should utilize an ITIN number:

• Foreign nationals who do not qualify for Social Security Numbers but who have U.S. federal tax reporting requirements.
• Non-resident aliens not eligible for a Social Security Number who are required to file a United States tax return in order to claim a tax refund.
• Resident aliens filing a U.S. tax return.
• Dependents or spouses of U.S. citizens or resident aliens who have U.S. federal tax reporting requirements.
• Dependents or spouses of a non-resident alien visa holder who have U.S tax reporting requirements.

INFORMATIONAL RETURN:

Starting in 2017, it has been mandatory for a non-resident owned businesses to report to the IRS the purpose of a business. It does not matter if you do not owe taxes, the reporting is mandatory.