What does Meeting substantial presence mean in terms of filing taxes?
The Substantial Presence Test (SPT) is a criterion used by the Internal Revenue Service (IRS) in the United States to determine whether an individual who ...
Category: Updates
Do foreigners fill out W9?
US citizens and legal residents (Green Card holders) are required to complete Form W-9 regardless of residence. All US formed entities and US operations o...
What taxes does an LLC S Corp pay?
That is, the corporation itself is not subject to federal income tax. Instead, the shareholders are taxed upon their allocated share of the income. Form 1...
Does the bank have to approve a short sale?
Banks generally do not approve a short sale until the bank receives an offer from a buyer. Therefore, the usual way a short sale can be approved is for a ...
Is it unusual to live and work in a different state?
It’s not unusual to live and work in a different state, particularly if you live in a major metro area. But it can be a pain figuring out how to deal with...
How does marital property work?
Marital property refers to property that a couple acquires during their marriage. In common law property states, property that is acquired by one spouse i...
How does IRS use 5498?
The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, inc...
What is a low risk investment called?
Riskless Securities These types of investments offer an expected rate of return with very little or no risk. Why do people choose low risk investments? Lo...
Can a partnership be a subsidiary of a corporation?
Subsidiary Partnership means any partnership in which the Company, a Subsidiary of the Company or the Partnership owns a partnership interest. Subsidiary ...
Why did I not file my tax return in the past?
Among reasons given by people who missed filing returns in the past is they did not know they were supposed to file tax returns. Others say they were on a...
