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What are the U.S. Tax Responsibilities When Forming a U.S. LLC?

When forming a U.S. LLC there are important tax responsibilities at the federal level and sometimes at the state level. The best part is we work with an accounting firm that can provide all your U.S. tax support to make sure your U.S. LLC is in compliance with the IRS (Internal Revenue Service).

The two most common options when forming a U.S. LLC are either a single member LLC that is disregarded for tax purposes or a two member LLC that is taxed as a partnership.

A single member LLC disregarded for tax purposes does NOT file a federal tax return with the IRS. The profits and losses will flow through to the appropriate tax schedules personally and added to a 1040NR (the personal tax return required to be filed assuming the owner of the LLC is an individual). If the owner of the single member LLC disregarded is a foreign corporation or entity, that means the foreign entity would file a U.S. tax return.

If the U.S. LLC is taxed as a partnership (with the husband and wife as the two owners, the most common) the profit or losses still flow through to the individual owners. The LLC would file a 1065 federal tax return each year (due by April 15th). Each individual owner would file a U.S. tax return (whether that is an individual or a separate legal entity).

There is a 30% withholding rate in the U.S. on earned income that is to be paid by the entity on behalf of its members. There is a tax treaty with the U.S. and most countries to determine this actual rate. This is NOT the tax rate, just a withholding rate. The actual tax rate may be higher or lower. In most cases, you will end up with a credit in your home country from the taxes you paid in the U.S.

The best part is when you become a client you will get access to a fast start webinar that will go into more details on what your U.S. tax responsibilities are and U.S. tax resources.

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