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FAQ

How do I fill out the SS-4 form for a new Delaware C-Corp to get an EIN?

You indicate this is a Delaware C Corp so check corporation and you will file Form 1120.Check that you are starting a new corporation.Date business started is the date you actually started the business.  Typically you would look on the paperwork from Delaware and put the date of incorporation.December is the standard closing month for most corporations. Unless you have a significant business reason to pick a different month use Dec.If you plan to pay yourself wages put one.  If you don't know put zero.Unless you are fairly sure you will owe payroll taxes the first year check that you will not have payroll or check that your liability will be less than $1,000. Anything else and the IRS will expect you to file quarterly payroll tax returns.Indicate the type of SaaS services you will offer.

What is the guidance to fill out a W2 form for an S Corp?

You can fill in the W2 form here W-2 Form: Fillable & Printable IRS Template Online | PDFfillerThe W-2 form is one of the most frequently used forms by taxpayers.

Do foreign entrepreneurs that have Startup U.S. corporations need to fill an 83(b) election form?

Only if you have plans to move to the U.S and become an individual taxpayer.If you plan to continue in your country and pay taxes over capital gains in there, you as an individual are only subject to this kind of taxation in your country. If you plan to move to U.S. you should fill the 83b election. In case you dont have an SSN or ITIN, you should fill it with "awaiting ITIN" in the ITIN field.

When should a student fill out the FAFSA?

It is best to file the Free Application for Federal Student Aid (FAFSA) as soon as possible on or after the October 1 start date. The FAFSA becomes available each year on the October 1 before the start of the academic year. (Previously, the FAFSA had a January 1 start date. This changed to October 1, three months earlier, starting with the 2017–2018 FAFSA.)Students who file the FAFSA earlier may qualify for more financial aid.A dozen states award state grants on a first-come, first-served basis, until the money runs out. In most states the funds are depleted within the first 2–3 months.A dozen or so additional states have February or March deadlines for state grants.Students who are applying early action or early decision should file the FAFSA sooner, so that they can get an actual financial aid award letter with the early offer of admission.Some colleges have very early deadlines for their own financial aid funds. Other colleges have two deadlines, and there is a larger pool of funds for students who apply by the priority deadline.Colleges have fixed allocations of campus-based aid funds, such as the Federal Supplemental Educational Opportunity Grant and the Federal Work-Study Program. Students who apply earlier are more likely to be awarded campus-based aid.Most families will have already filed federal income tax returns by the October 1 start date, so filing the FAFSA earlier is easy.

How do I fill out the choices on JoSAA 2017?

Before going to do the exercise follow the advice.1.Keep all the required data viz JEE main & JEE adv( if qualified) Roll no2.Do the registration at due time without fail.3.Go through the cut offs of the NITs/ IIITs/GFTIs & IITs( if qualified in JEE adv).3.Make a list of institutes & streams of preference .4.Strike out the names of institutes / streams from the list after filling their names so that you don't get puzzled afterwards.5.Never fill the names of the institutes / streams where you're not at all interested.6.Don't push the SUBMIT button till the last date of choice filling , because you may have to change your order of preference/delete some names/ add some names.7.Cross check the choice filling with the list kept with you and see that nothing is left or nothing unwanted get enlisted.The exercise may start anytime after announcement of JEE adv results, keep visiting the website.

How do I fill out the CAT Application Form 2017?

CAT 2017 registration opened on August 9, 2017 will close on September 20 at 5PM. CAT online registration form and application form is a single document divided in 5 pages and is to be completed online. The 1st part of CAT online registration form requires your personal details. After completing your online registration, IIMs will send you CAT 2017 registration ID. With this unique ID, you will login to online registration form which will also contain application form and registration form.CAT Registration and application form will require you to fill up your academic details, uploading of photograph, signature and requires category certificates as per the IIMs prescribed format for CAT registration. CAT online application form 2017 consists of programme details on all the 20 IIMs. Candidates have to tick by clicking on the relevant programmes of the IIMs for which they wish to attend the personal Interview Process.

How important is it to file a Section 83 (b) election for an LLC S-Corp?

I concur with Karl Stevens in fact most S Corporations today are LLC's at the legal entity level.  S Corp and LLC are two very different questions. As to the original question about making an 83(b) election, it is very critical that you understand the consequences of making the election for restricted stock in an S Corp, but if you should or should not make the election will depend on the specific circumstances and both the tax impact on the person receiving the grants and the current S Corp shareholders.If you receive a stock grant for an S Corp and make an 83(b) election then you are considered as being an owner of the S Corp.  That means you are required to be allocated a proportionate share of the income of the S Corp each year based on your ownership percentage and if the current shareholders receive a distribution of cash, you have to also receive a proportionate distribution.You also have to take into consideration that making an 83(b) election means the grant recipients by being considered shareholders could terminate the S election if any one of them is a ineligible S Corp shareholder or if adding shareholders puts the number of shareholders over 100.If you do not make the election, then you are not considered a shareholder and thus cannot receive distributions from the corporation and the corporation may be required to accrue any shareholder benefits that would otherwise be due to you during the vesting period.Finally the company needs to be very sure that nothing in the vesting and grant agreements creates a second class of stock that would terminate the S election.You will not know how "important" the 83(b) election is until after it is too late to do anything about it.  You have 30 days from the date you receive the grant to make the 83(b) election, but all the election does is accelerate you recognizing income for the receipt of restricted stock, that you would otherwise not have to report as taxable income.  You do this because if you recognize the value of the stock today as ordinary income, then years from now when you sell the stock  you get capital gain treatment on the appreciation in value between today and that future date.  If there was a substantial increase in value in the future, then making the 83(b) election was very important and will greatly reduce your tax burden.  If instead the value of stock decreases or becomes worthless, then you made the wrong choice as you would have been better off to  have not filed the election.You will often hear people say "you should always file an 83(b) when you receive restricted stock".  That statement is based on the fact that no reasonable person would take payment for work done in the form of stock that they can't sell today, unless they believed that the stock was going to be worth a lot more in the future when they can sell it.  Add to that the fact that the resulting tax liability when you do sell the stock can be 1/2 of what it would be if you did not make the 83(b) election and you get that filing the election is the safe choice.  However, the failure rate of startup companies would tell you that making an 83(b) election is probably the wrong decision just as often as it is the right decision.
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