Advice needed
A business owner who recently moved to the U.S. asks on a forum: They own two companies (one is a single-member LLC, and the other is a C corporation with 100% ownership). If no income is withdrawn from the C corporation, whether nothing needs to be reported on the individual tax return, or whether there are mandatory reporting requirements. This article organizes relevant tax filing points based on available information and points out the uncertainties involved.
Hi All, I'm new to this forum and require a bit of advice from practicing accountant, I recently moved to the USA and own two companies one is sole member LLC and the other one is C Corp where I'm 100% shareholder. Just wanted to know that if I'm not withdrawing any income from C corp then I shouldn't include anything in my tax return or is there any requirement to include anything on the personal tax return? any help would be highly appreciated.