In the midst of the coronavirus pandemic and a starting new fiscal year, companies with US branches must pay attention to the deadlines for their tax obligations.
In order for you and your company to stay up to date with the United States tax authorities, Drummond has prepared a list of some of the main obligations that need to be delivered to the Internal Revenue Service (IRS) in the first months of 2021.
15th of March or 15th of April (a 6 month extension is available)
Depending on the choices made by the LLC and the number of members, the IRS will treat an LLC as a corporation, partnership or as part of the owner’s income tax return (a disregarded entity). Check with our tax team.
15th of April (a 6 month extension is available)
Companies classified as corporations must file form 1120 to report their income, gains, losses, deductions, credits and to calculate their income tax liabilities.
15th of April (a 6 month extension is available)
US taxpayers must file an annual income tax return using Form 1040.
4. BE-15 (BEA)
30th of May (or 30th of June for reports sent via the “eFile” system)
Required for any United States commercial company owned or controlled, directly or indirectly, by a foreign person or entity at the end of each fiscal year.
Each state has its own rules and the due dates can vary according to the type of entity. Check with our tax team for the specific due date for the state in which your company is registered.
Be careful to not become a tax resident
If you do not live, but frequently visit the USA, you must take care to not become, without wanting to, a American tax resident. This status comes with obligations to the Internal Revenue Service (IRS).
Click here to learn more on how to not become an American tax resident.
The team at Drummond Advisors is ready to assist you.
IRS ha anunciado el pasado miércoles (9) la suspensión de más de una docena de cartas adicionales, una de ellas el envío de los avisos de cobro automatizados que normalmente se remiten cuando un contribuyente debe impuesto adicional y el
The IRS announced on Wednesday (9) the suspension of over a dozen notices, one of them sending automated collection notices typically issued when a taxpayer owes additional tax and the IRS has no record of the taxpayer filing a tax
O IRS anunciou na última quarta-feira (9) a suspensão de mais de uma dúzia de cartas adicionais, uma delas o envio de avisos de cobrança automatizados normalmente emitidos quando um contribuinte deve imposto adicional e o IRS não possui registro
The Withholding Income Tax Return (DIRF) is among the first obligations of the Brazilian tax calendar
The Withholding Income Tax Return (DIRF) is among the first obligations of the Brazilian tax calendar according to Normative Instruction no. 1.990 issued by the Federal Revenue Service Department in the Official Federal Gazette on November 18, 2020. It is
One of the greatest opportunities to reduce tax liability that companies established in the U.S. can benefit from is the credit related to investments in research and development, provided for in Section 41 of the Internal Revenue Code. Such benefit
The Internal Revenue Service (IRS) will start the 2022 tax season on 01/24. Warnings have already been issued for taxpayers to prepare for delays, due to the large accumulation of unprocessed statements during the Coronavirus pandemic period. The National Taxpayer
Currently, the Internal Revenue Service (IRS) does not have an internal policy on the taxation of all cryptocurrencies per se, but rather on the so-called virtual currencies, which, according to the definition of IRS itself, are any representation of a
Obtaining American Tax Residence through the physical presence test and the possibility of claiming an exception through the Closer Connection Exception
As a rule, a foreigner will be considered a resident of the USA for fiscal purposes if they fall under the criteria of the Substantial Presence Test, except in the case of obtaining a green card (permanent residence in the
Currently, in addition to the current prospects for Brazilian tax reform, there is also a lot of talk about the possibilities of new changes to the American tax system. President Joe Biden presented a set of proposals that, if approved,
On the 1st of July 2021, the law dealing with the economic and market nexus regarding sales tax (Senate Bill 50 – S.B.50) came into force. The state of Florida was one of the last states to enact a law
Estado da Flórida passa a exigir que vendedores remotos coletem e remetam sales tax nas vendas para o Estado
No dia 1º de julho de 2021 entrou em vigor no Estado da Flórida a lei que trata do nexus econômico e de mercado para fins de sales tax (Senate Bill 50 – S.B.50). O Estado da Flórida foi um
The US tax filing process can raise some common questions early on. “What should I declare?” is one of the most frequently asked questions about the subject. If you have income connected to the United States, be it rental income