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bungee9

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  1. thank you for your reply. This entity is not related to the US entity. While searching the web, I found out that I have to report this Mexican LLC (S DE RL DE CV) on the form 5471. Please let me know if I am missing something. Here is the website that I found out right before. https://www.irsstreamlinedprocedures.com/fbar-vs-8938-irs-forms/#:~:text=Even though the FinCEN Form,year%2C for the same accounts.
  2. Hi all My client established Mexican LLC (S DE RL DE CV) in Mexico in 2021. Do I need to report this entity as a partnership and report it on Form 8865? Or should I report it on Form 5471? If any expert has experience with Mexican LLC tax returns, please reply.
  3. I know this title is not for this forum but I did not receive the answer on the e-file board so I try to post it in here. I prepare the Form 8865, Return of the persons with respect to foreign partnerships. Unlike the form 5471 for foreign corporations, Form 8865 is not created along with form 1040, instead it replaces the form 1040. So, I wonder if I have to e-file form 8865 and 1040 separately. Is there any ATX expert who have ever e-filed this form before?
  4. I prepare the Form 8865, Return of the persons with respect to foreign partnerships. Unlike the form 5471 for foreign corporations, Form 8865 is not created in the list of 1040 file, instead it replaced the form 1040. So, I wonder if I have to e-file form 8865 and 1040 separately. Is there any ATX expert who have ever e-filed this form before?
  5. 1. While he did not receive the dividend or distribution from a Mexican corporation, this company paid tax to Mexico's gov. So, I thought that he have to report form 1116 because he is a 70% shareholder in this corp. 2. I am currently preparing both his personal tax return and the partnership tax return in which he owns 50% interest. My plan is to first report his business income in Mexico on Form 5471 and form 1116 in his personal tax return, and then report form 1116 to K-2 of the partnership. 3. If, as you say, he doesn't need to report Form 1116, I don't think he needs to report K-2 either. Is that correct? However, Form 5471 still has to be reported.
  6. My client established a corporation in Mexico in 2021 and is 70% shareholder as of the end of 2021. But he did not receive any dividend, distribution, or salary in 2021 due to his status in that country. Then in now he is trying to get a status that he can open the bank and receive any distribution from the corporation. His company had a net income in 2021. I question how to report his foreign source income without receiving any form and actual payment from his foreign corporation. I am preparing forms 1116 and 5471 for this activity. As calculating tax for the foreign corporation's income on Form 1116, I am considering adding the SE Tax (15.3%) or business income tax and personal income tax. Without any form, I don't know how to calculate the business tax for this foreign source of income. If I use Schedule C to add the SE Tax, I wonder how to apply the 70% interest in a corporation on Schedule C.
  7. Hi All Is there a tax expert in applying and getting the reference ID for reporting form 5471? In the middle of preparing the K2 & K3 of the partnership, due to the partner's direct interest in the foreign corporation, I realized to report form 5471 for the partner. Then I faced another problem with getting "the reference ID of the foreign corporation. I will be thankful if you help me get the reference ID of a foreign corporation.
  8. Right, it should be a Partnership tax return, not an LLC. I have already faxed form 2553 and set the effective date of s corp as of January 1st, 2022. However, this LLC was registered in 2021. My question is if I filed as a partnership in the first year, but if I get an S CORP approval, can I file as an S CORP in the second year without having to file a Form 8823?
  9. My client wants to change to S-corp from LLC after one year of registering. In this case, I wonder if I need to file both forms 8832 and 2553. I filed an LLC tax return for 2021 and faxed form 2553 in February 2022. But I have not received the S-corp approval letter from IRS yet.
  10. As for unemployment benefits, my client received unemployment benefits from CA and moved to GA around June 2021. While preparing a client's tax return, I found that the unemployment benefits he received from CA are non-taxable in CA, but he has to pay taxes in GA for the length of days he has lived in GA. Is it right? Tanks for the any your comments.
  11. This LLC was finalized for 2021 but I found the required payment amount of $800 on form 3522 for 2022. Should I pay this amount of $800 for the 2022 tax year? I wonder if this is the kind of ATX software error.
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