LLC is a limited liability company made up of members – not partners – and has an operating agreement between those members.
The LLC does not pay taxes, as it transfers the tax liability to the company’s members.
The Corporation is characterized by partners and positions, such as president, vice president, treasurer, etc.
A Corporation has corporate quotas and an organizational agreement, in addition to a fixed 21% tax rate on the company’s profit
The FIRPTA (Foreign Investment in Real Property Tax Act) is a requirement of the IRS to withhold 15% of the gross sale amount to ensure that, when selling a property, the foreigner pays the capital gain taxes the following year when reporting their income tax.
The deadline for reporting income tax returns may vary according to your tax residency or your company’s classification.
Usually, the required documents are a passport or driver’s license, proof of address, and a completed and signed company opening form.
The Annual Report is the annual and mandatory re-registration of a company with the State.
Every year, all companies registered with the Florida Division of Corporations must re-register and report that they are active.
Important: the Annual Report does not replace Income Tax Return.
All F-1 / J-1 aliens (and their F-2 / J-2 dependents) who are not residents for tax purposes must file a Form 8843.
The 8843 is a form that must be submitted to the IRS by April 15 to inform that you are exempt from the substantial presence test because you hold one of the visas described above.
Sales Tax is the tax collected monthly or quarterly on sales and/or some services. Sales Tax is an indirect tax, as it is usually paid by the final consumer and collected by the seller and redirected to the Department of Revenue.
Bookkeeping is the monthly accounting and monitoring of your debits, credits, assets, and liabilities. For a company to be in control of its profit and to correctly estimate taxes, it is necessary to hire the Bookkeeping service.
An ITIN is a tax registration number for those who do not apply for an SSN, issued by the IRS – with the main purpose of reporting income taxes in the USA.
It is important to note that an ITIN, even though it is used to report income earned in the USA, does not serve as a work permit. information!
An Offshore is any company located outside of the United States. For many years, an offshore terminology was – and can still be – used as a reference for places where there is a reduction in the tax burden. However, offshores are legal and widely used for tax planning.
