Archive of entries posted on July 2012

Filing Requirements for Inactive Businesses

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Do you have to file a return? What if you’ve picked a name, filed the papers for an LLC, etc. but haven’t started the business and have no income for the year? Whether or not you have to file any returns depends on the circumstances.

Please keep in mind that the discussion below assumes that the business has no sales or expenses. There is no threshold for reporting sales. Even if you have only $1 of revenue you must file a return reporting the income.

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Important US international tax form due dates

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Form TDF 90-22.1 (FBAR FORM) where you report details of your foreign financial accounts, including bank accounts, stock brokerage accounts, pension plans, etc. is must be received by the IRS by 6/30/12. No extension can be granted. Penalty for filing late can be $10,000 or more.
Expat tax returns (if you lived abroad on 4/17/12) are due on 6/15/12 for 2011. You can obtain a further extension by filing form 4868 prior to that date.

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