Reporting Requirements for U.S. Persons with Foreign Corporations
As international business ownership continues to increase, many U.S. taxpayers are surprised to learn that owning shares in a foreign corporation may trigger significant U.S. tax reporting obligations, even when the corporation operates entirely outside the United States. One of the most important international reporting forms is Form 5471, which is used by certain U.S. […]
Can You Deduct Your Health Insurance as a Business Owner?
Here’s what every S-Corp shareholder, Partner and Sole Proprietor should know. Health insurance premiums can often be tax-deductible for business owners, but the way the deduction works depends on your business structure. The rules are different for S-Corporations, Partnerships, and Sole Proprietors, and reporting the deduction incorrectly could cause the IRS to disallow it. Below […]