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Forms 1120 / 5472, 1065 / K1 & 1040NR
Tax Filing and BOI Filing Requirements
As a non-US resident owning a US company, you have specific filing obligations with both the IRS and FinCEN (Financial Crimes Enforcement Network). For tax purposes, you might need to file US income tax returns depending on your company's activities and income sources. Additionally, the Corporate Transparency Act requires filing beneficial ownership information (BOI) with FinCEN. This means reporting details about individuals who ultimately control your company. Deadlines and specific requirements vary, so consult professional tax advisors or visit IRS and FinCEN websites for accurate guidance. Remember, staying compliant helps avoid penalties and ensures transparency.
Tax Filing and BOI Filing Package
Our comprehensive package combines IRS tax filing (LLC/Corp) and BOI reporting in one affordable solution, handled by an Elite U.S. CPA. Avoid potential $25,000 and $10,000 penalties with our guarantee of no penalties and instant proof of filing. Relax knowing you're working with an authorized IRS e-file provider for streamlined, secure processing. Let our experts handle the paperwork while you focus on what matters most - your business. Contact us today for a stress-free filing experience!
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Non Active
Company
$599
⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯
Active
Company
$698
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Non Active
Company
$599
⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯
Active
Company
$698
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"Our team of tax experts will make sure that your filing is done on time, accurately and in compliance with the U.S. tax code, and we guarantee, that you will not be subject to any penalties."
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**NEW FILING ALERT**
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The Corporate Transparency Act’s (CTA) new Beneficial Ownership Information (BOI) report requirement goes into effect January 1, 2024. (For more information on the BOI report, please check the FAQ section.)
Reporting companies formed before January 1, 2024 have until January 1, 2025 to file, while reporting companies formed after January 1, 2024 have only 90 days to file.
Beneficial Ownership Information Reporting
The beneficial ownership rule applies to
corporations & limited liability companies (LLCs)
created by the filing of a document with a secretary of state
Make sure you file on time
to avoid $10,000 penalty
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FAQ Summary
What is Beneficial Ownership Information Reporting?
Beneficial ownership Information reporting is a new requirement that went into effect on January 1, 2024, in the United States. It requires certain businesses to report information about the people who ultimately own or control them, even if those people aren't listed as the legal owners. This helps prevent criminals from using shell companies to hide their identities and engage in illegal activities like money laundering or terrorism financing.
Which Companies Have to File a Beneficial Ownership Information Report?
The new rule applies to most businesses formed or registered to do business in the U.S., including corporations, limited liability companies (LLCs), and certain types of trusts. There are a few exceptions, such as publicly traded companies and certain financial institutions.
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The beneficial ownership rule applies to two types of businesses:
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Domestic reporting companies – These are corporations, limited liability companies (LLCs) and other entities created by filing with a secretary of state or similar office under the law of a state or Indian tribe.
Foreign reporting companies – These are corporations, LLCs and other entities formed under the law of a foreign country that are registered to do business in any U.S. state or Tribal jurisdiction.
So, the beneficial ownership rule applies to most businesses in the U.S. other than domestic sole proprietorships. Certain exemptions to beneficial ownership reporting requirements have been provided, including certain types of banks, credit unions, investment companies, insurance companies and regulated public utilities.
What Are the Penalties for Noncompliance with the Beneficial Ownership Information Report Rule?
Businesses are strictly obligated to file accurate and timely reports disclosing their beneficial owners as mandated by the Corporate Transparency Act of 2020.
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Noncompliance will not be tolerated and may result in severe penalties, including:
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Financial Fines: Failure to file a required report or amendment by the deadline incurs a daily penalty of $500, accumulating to a maximum of $10,000.
Criminal Charges: Willful noncompliance or intentional misrepresentation of information constitutes a felony, punishable by imprisonment for up to two years.
Enhanced Penalties: In cases where noncompliance intersects with anti-money laundering violations, the potential imprisonment increases to 10 years.
Why is BOI Reporting important?
Anonymous shell companies have been a major tool for criminals for years. By making it harder to hide who really owns a business, beneficial ownership reporting makes it harder for criminals to operate and helps law enforcement track down bad actors.
What Information Do Companies Need to Include in a Beneficial Ownership Information Report?
The following information needs to be included in the beneficial ownership report:
1. Company Information:
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The business’s legal name.
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Trade Names: Any registered "doing business as" (DBA) names used by the company
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The current street address of its principal place of business in the U.S.
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Jurisdiction of Formation or Registration: The state or country where the business was incorporated or registered.
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Taxpayer Identification Number (TIN): The company's federal tax identification number, such as its EIN.
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A reporting company will also have to indicate whether it is filing an initial report, or a correction or an update of a prior report.
2. Beneficial Owner Information:
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Name: Full legal name of each beneficial owner.
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Date of Birth: Date of birth of each beneficial owner.
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Address: Residential address of each beneficial owner.
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Government-Issued ID Number: A unique identifier issued by a government agency, such as a passport, driver's license, or national ID card.
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The reporting company will also have to report an image of the identification documents.
Can I use your service to file my Beneficial Ownership Information Report?
Absolutely!
BeneficialOwnership.online is your one-stop solution for accurate, secure, and stress-free Beneficial Ownership Information Report (BOI Report) filing. We understand the complexities of the Corporate Transparency Act and take the hassle out of compliance for businesses of all sizes and industries.
​
Why Choose
BeneficialOwnership.online for Your BOI Report Filing?
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Expertise: Our team of tax and legal professionals has extensive experience in preparing and filing BOI Reports for all types of companies. We know the ins and outs of the regulations and stay up-to-date on any changes, ensuring your report is flawless and compliant.
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Convenience: No more struggling with government websites or forms.
BeneficialOwnership.online offers a user-friendly platform that guides you step-by-step through the filing process. Simply answer our questions, upload your documents, and let us handle the rest.
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Accuracy: We take accuracy seriously. Our platform includes built-in validations and error checks to ensure your report is free of mistakes before submission. We also double-check everything ourselves to give you complete peace of mind.
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Security: Your data is our top priority.
BeneficialOwnership.online uses bank-level security measures to protect your sensitive information, including secure servers, data encryption, and strict access controls.
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Peace of Mind: Filing your BOI Report on time and accurately is crucial to avoid penalties and fines. With
BeneficialOwnership.online, you can rest assured that your report is in good hands, allowing you to focus on what matters most – running your business.
Don't risk errors or delays! Let
BeneficialOwnership.online take the weight off your shoulders and ensure your BOI Report filing is smooth and seamless.
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✅ When Do I Need to File My Beneficial Ownership Information Report?
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The deadline for filing your initial Beneficial Ownership Information Report (BOI Report) depends on when your company was created or registered:
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Before January 1, 2024: You have until January 1, 2025 to file your BOI Report. No rush, but don't forget about it!
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Between January 1, 2024 and January 1, 2025: You have 90 calendar days from the first official notice you receive about your company's creation or registration. This could be either:
When you receive actual notice from the government that your company is officially registered.
When the government first publicly announces your company's registration (usually through a secretary of state website).
Whichever comes earlier triggers the 90-day countdown.
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On or after January 1, 2025: The deadline is simpler - you have 30 calendar days from the first official notice you receive about your company's creation or registration. Again, same rules apply - actual notice or public announcement, whichever comes first.
Remember, timely filing is crucial to avoid potential penalties. If you're unsure about your deadline or need help with the filing process, feel free to contact us!
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✅ Who can file a BOI report on behalf of a reporting company, and what information will be collected on filers?
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When it comes to fulfilling your Beneficial Ownership Information Report (BOI Report) obligations, the Corporate Transparency Act grants flexibility in designating appropriate representatives. Your company may entrust the report filing to:
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Internal Designees: Authorized employees, such as officers, directors, or any other individual with familiarity and access to the necessary information regarding your company's beneficial ownership structure.
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Beneficial Owners Themselves: Holding direct control over the company, the beneficial owners may opt to personally file the BOI Report, ensuring firsthand accuracy and transparency.
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External Experts: Should you require specialized assistance, qualified legal counsel, accounting professionals, or dedicated BOI filing services can be commissioned to handle the reporting process on your behalf.
Contact Information for Verification:
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To validate the legitimacy of the submitted BOI Report, FinCEN requires the individual acting as the filer to provide certain contact information:
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Full Legal Name: This serves as official identification and establishes clear accountability for the report submission.
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Accessible Communication Channel: An email address or phone number allows FinCEN to reach the filer for any necessary clarifications or follow-up inquiries.
Choosing a trustworthy and authorized individual with comprehensive knowledge of your company's beneficial ownership structure is paramount for accurate and timely reporting. By selecting a qualified representative, you mitigate the risk of non-compliance and potential penalties, ensuring a smooth and seamless fulfillment of your reporting obligations.
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✅ Identifying Your Beneficial Ownership Reporting Obligations: Who Must File?
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Companies required to report are called reporting companies. There are two types of reporting companies:
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Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
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Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
There are 23 types of entities that are exempt from the reporting requirements (see Question C.2). Carefully review the qualifying criteria before concluding that your company is exempt.
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✅ Are some companies exempt from the reporting requirement?
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Yes, 23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.
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The following table summarizes the 23 exemptions:
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Securities reporting issuer (e.g., publicly traded companies)
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Governmental authority (federal, state, local, tribal, or foreign)
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Bank (federally insured or chartered by a state)
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Credit union (federally insured)
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Depository institution holding company
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Money services business (registered with FinCEN)
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Broker or dealer in securities (registered with the SEC or state securities regulator)
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Securities exchange or clearing agency (registered with the SEC)
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Other Exchange Act registered entity (e.g., transfer agent, self-regulatory organization)
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Investment company or investment adviser (registered with the SEC)
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Venture capital fund adviser (registered with the SEC)
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Insurance company (licensed by a state)
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State-licensed insurance producer
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Commodity Exchange Act registered entity (registered with the CFTC)
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Accounting firm (registered with the PCAOB or a state regulatory body)
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Public utility (regulated by a state or federal agency)
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Financial market utility (regulated by a state or federal agency)
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Pooled investment vehicle (e.g., mutual fund, hedge fund)
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Tax-exempt entity (e.g., charitable organization, religious organization)
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Entity assisting a tax-exempt entity
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Large operating company (with total assets exceeding $1 billion and annual gross revenue exceeding $100 million)
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Subsidiary of certain exempt entities
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Inactive entity (not conducting business operations or holding financial assets)
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✅ Who is a beneficial owner of a reporting company?
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Understanding who truly controls a company is crucial for transparency and combating financial crime. This is where the concept of beneficial ownership comes in.
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In simple terms, a beneficial owner is someone who:
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Exercises substantial control over the company, even without holding a formal title like CEO or owning a majority of shares. This could involve influencing key decisions, directing business activities, or holding substantial power behind the scenes.
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Owns or controls at least 25% of the company's ownership interests, directly or indirectly. This might involve holding shares, controlling trusts, or wielding influence through other entities.
It's important to remember that beneficial ownership extends beyond the usual suspects like major shareholders and named executives. The rules can delve deeper, potentially identifying certain family members, hidden partners, or complex ownership structures as beneficial owners.
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✅ What is substantial control?
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An individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:
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The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive office, chief operating officer, or any other officer who performs a similar function).
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The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.
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The individual is an important decision-maker for the reporting company. See Question D.3 for more information.
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The individual has any other form of substantial control over the reporting company as explained further in FinCEN’s Small Entity Compliance Guide (see Chapter 2.1, “What is substantial control?”).
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✅ What are Important decisions?
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Important decisions are decisions about a reporting company’s business, finances, and structure. An individual that directs, determines, or has substantial influence over these important decisions exercises substantial control over a reporting company.
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Important decisions can include:
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Strategic direction: Setting the overall course of the business, such as entering new markets, acquiring other companies, or developing new products.
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Financial management: Approving budgets, allocating resources, and making significant investments.
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Governance and leadership: Appointing key executives, approving major transactions, and shaping the company's internal structure.
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Risk management: Implementing policies and procedures to mitigate potential threats and ensure compliance with regulations.
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✅ Who is a company applicant of a reporting company?
===============================
For reporting companies formed or registered after January 1, 2024, a new term enters the scene: company applicant. But who exactly falls under this category?
Think of company applicants as individuals holding the reins during the company's creation or registration process. Only two individuals can qualify:
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The Filing Hand: This is the person who directly submits the official document that brings the company to life, whether through incorporation or registration.
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The Guiding Force: When multiple people are involved in the filing process, this individual emerges as the key decision-maker, holding the reins of direction and control.
Essentially, company applicants are the architects behind the company's formal entry into the business world.
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✅ Tools & Filing:
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DO YOU NEED TO FILE? Run a quick test
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About Form 5472
Form 5472 is a tax form that is used to report certain types of transactions between foreign-owned domestic corporations and domestic corporations with foreign owners. It is important to understand whether or not you are required to file Form 5472, as failure to do so can result in significant penalties.
​
Who needs to file Form 5472?
If you are a foreign-owned domestic corporation or a domestic corporation with a foreign owner, and you have engaged in certain types of transactions with foreign related parties, then you are required to file Form 5472
.
When must Form 5472 be filed?
It must be included with your annual income tax return. So, if you are required to file Form 5472, make sure to include it with your tax return each year.
​
What happens if you don't file Form 5472?
If you fail to file Form 5472 when required, you may be subject to a penalty of $10,000 for each year the form is not filed. If you continue to not file Form 5472, the penalty can increase to $50,000 per year.
​
It is important to carefully review the requirements for Form 5472 to ensure that you are in compliance with the tax laws.
If you have any questions about whether or not you are required to file Form 5472, it is recommended that you speak with a tax professional for guidance.
About Form 1065
Form 1065 is a tax form that is used by partnerships to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). It is an important form that must be filed by all partnerships if they have taxable income for the tax year. This includes general partnerships, limited partnerships, and limited liability partnerships.
​
Who needs to file Form 1065?
All partnerships are required to file Form 1065 if they have taxable income for the tax year.
.
When must Form 1065 be filed?
Form 1065 is due on the 15th day of the third month following the end of the tax year. So, if your tax year ends on December 31st, Form 1065 would be due on March 15th of the following year.
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What happens if you don't file Form 1065?
If you fail to file Form 1065 when required, you may be subject to penalties and interest. The penalty for not filing a tax return on time is generally $195 per partner per month, up to a maximum of 12 months. Additionally, you may be charged interest on any unpaid taxes.
​
It is important to make sure that you file Form 1065 when required. If you are having difficulty meeting the filing deadline, you can request an extension of time to file using Form 7004.
​
If you have any questions about Form 1065 or need assistance with your partnership's tax return, it is recommended that you speak with a tax professional for guidance.
About Form 1120
Form 1120 is a tax form that is used by corporations to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). It is an important form that must be filed by all domestic corporations if they have taxable income for the tax year. This includes C corporations, S corporations, and limited liability companies that are taxed as corporations.
​
Who needs to file Form 1120?
All domestic corporations are required to file Form 1120 if they have taxable income for the tax year.
.
When must Form 1120 be filed?
Form 1120 is due on the 15th day of the fourth month following the end of the tax year. So, if your tax year ends on December 31st, Form 1120 would be due on April 15th of the following year.
​
What happens if you don't file Form 1120?
If you fail to file Form 1120 when required, you may be subject to penalties and interest. The penalty for not filing a tax return on time is generally 5% of the unpaid tax per month, up to a maximum of 25%. Additionally, you may be charged interest on any unpaid taxes.
​
It is important to make sure that you file Form 1120 when required. If you are having difficulty meeting the filing deadline, you can request an extension of time to file using Form 7004.
​
If you have any questions about Form 1120 or need assistance with your corporation's tax return, it is recommended that you speak with a tax professional for guidance.
About Form 1040NR
Form 1040NR is a tax form that is used by nonresident aliens to report their income and pay taxes to the Internal Revenue Service (IRS). It is an important form that must be filed by nonresident aliens who have earned income in the United States and have taxable income for the tax year. This includes foreign students, scholars, and other individuals who are in the United States on a temporary basis.
​
Who needs to file Form 1140NR?
Nonresident aliens who have earned income in the United States are required to file Form 1040NR if they have taxable income for the tax year.
.
When must Form 1140NR be filed?
Form 1040NR is due on the 15th day of the fourth month following the end of the tax year. So, if your tax year ends on December 31st, Form 1040NR would be due on April 15th of the following year.
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What happens if you don't file Form 1140NR?
If you fail to file Form 1040NR when required, you may be subject to penalties and interest. The penalty for not filing a tax return on time is generally 5% of the unpaid tax per month, up to a maximum of 25%. Additionally, you may be charged interest on any unpaid taxes.
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It is important to make sure that you file Form 1040NR when required. If you are having difficulty meeting the filing deadline, you can request an extension of time to file using Form 4868.
If you have any questions about Form 1040NR or need assistance with your nonresident alien tax return, it is recommended that you speak with a tax professional for guidance.