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Global Business Growth Club

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225 contributions to Global Business Growth Club
Questions about personal bank accounts
I am interested in opening a personal account at a bank in the US (Chase, BofA, CreditOne). I already have an ITIN, but I do not have a residential address in the US. So I have two questions: 1) what is the best website to get a reliable residential address (that can be used to open a personal bank account); 2) do any of the banks I mentioned above accept remote account opening? Or can I hire someone to open the account for me? Tks Marcelo Magalhães Live long and prosper
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New comment 2d ago
0 likes • 2d
Hello @Marcelo Magalhães Most banks like Chase and BofA need you to be there in person. CreditOne might be different, but generally, you gotta be present. Your ITIN is a great start. If you're visiting the US, bring your passport and proof of address. Regarding the proof of address the best option is using a friend or family member's address but if you don´t have anyone we can help you with it. Let me know if you have any questions or if you prefer we can talk about this on a call: https://calendly.com/paola-zslz/30min
EIN/ITIN
Can anyone clarify the ITIN process regarding it's link to EIN? If I apply for ITIN before tax time (now!), but I do not have the ITIN by April when I am a supposed to file to the IRS, can I still file my tax return? Would I file and include a note reminding them that I have applied but not received the ITIN? Anyone with experience of this?
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New comment 4d ago
0 likes • 4d
You can still file your return with a note saying you've applied. Attach Form W7 to your return. Once you get your ITIN, amend your return.
Banking and biz licence with Miami visit
I'm looking to visit miami to setup banking/brokerage. I've noted some banks specifically say if the business address is in FL they require a biz licence. Therefore, is having an office out of state the way around that requirement? Secondly, any and all ideas about residential address part of the process. Is it feasible to rent an airbnb for couple of weeks and have phone chip sent to the address which then would have the address and a mobile phone statement? Would that work? Open for ideas... Lastly, would having an office with lease/utility in texas create a nexus tax wise? (even tho no USA 'sales') cheers
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New comment 5d ago
0 likes • 5d
Some Florida banks might want a business license if your address is there, it really depends on the bank. And using an Airbnb and getting a phone chip there might work for proof, but some banks want more, like a utility bill.
EIN AND FIRST TAX LODGEMENT
Can anyone confirm the timeline regarding EIN and TAX... Is the first tax return due by the April AFTER the company formation or after the EIN is issued? Example, company formed in December 24. EIN received Dec 24. Is the tax return due by April 25 or 2026? If company formed Dec 24, EIN issued Jan 25, is tax filing due 2025 or 2026? I keep hearing different things on this. What is the driver for the first tax return date, the company formation date or the date of the EIN issuance? confused dot come! :) cheers
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New comment 5d ago
0 likes • 6d
Hi @Brandon Smith whether you get your EIN in December 2024 or January 2025, the tax return is still due by April 2025, because that's the April following your company's formation. The IRS is more concerned with when your business officially starts, not when you get your EIN.
Foreign owned LLC tax
Single person LLC (Delaware), registered to do business in Florida (with Tax certificate). Export business with 100% income from out of the US. Completely lost regarding taxes to IRS. Is the LLC income taxable? Note: living in Canada & not a US citizen.
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New comment 8d ago
0 likes • 8d
Hi @Francis Fokom if your LLC isn't generating any effectively connected income you generally won't owe US taxes. But you must file form 5472 with a pro forma Form 1120 to avoid penalties.
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Paola Moreno
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@paola-moreno-1702
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Active 1d ago
Joined Feb 2, 2024
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