Rives CPA worldwide clients

Change in process to obtain an EIN affects non-residents

IRS news release IR-2019-58 announced a change in procedures for obtaining an Employer Identification Number (EIN )for a US business entity.  This will impact non-residents with US based entities. Beginning May 13, 2019, only individuals with a Social Security Number (SSN) or International Tax Identification Number (ITIN) will be able to request an EIN.  The Read more about Change in process to obtain an EIN affects non-residents[…]

Do you qualify for a home office deduction

Requirements to Claim the Home Office Deduction Regardless of the method chosen, there are two basic requirements for your home to qualify as a deduction: Regular and exclusive use. Principal place of your business. Regular and Exclusive Use. You must regularly use part of your home exclusively for conducting business. For example, if you use Read more about Do you qualify for a home office deduction[…]

Tax Advantages of S Corporation

The tax advantages of an S Corporation vs sole proprietorship or partnership is typically in the Self Employment tax. With a sole proprietorship or general partnership, all profits are in one bucket that flows out to the owner for taxation. The owner is taxed for income tax and self employment tax. Income tax depends on Read more about Tax Advantages of S Corporation[…]

What are my tax duties as a non-resident-alien and LLC owner

What are my tax duties as a non-resident alien and LLC owner? Answer by Wray Rives CPA CGMA: First off I need to give you a disclaimer that taxation of non-residents by the US is a complex topic.  I am going to give you general answers, but you really should contact a US tax professional Read more about What are my tax duties as a non-resident-alien and LLC owner[…]

What is the difference between C Corp and S Corp

S Corporations and C Corporations have a number of differences. From a tax perspective the key differences are: S Corporations Limited to one class of stock Limited to 100 shareholders All shareholders must be US individuals or certain trusts and estates Generally no income tax at the corporation level Taxable income flows through to the Read more about What is the difference between C Corp and S Corp[…]