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.
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.
How do I create a new IT corporation in NC? What would be better a C Corp or S Corp?
First to answer your original question. A C-Corp takes on a life of its own, it is often difficult to keep the proper organization bookkeeping requirements that is required by the IRS. It files its own tax return and profits and/or losses remain with the corporation with profits annually being distributed to the stockholders based on their percentage of ownership at the behest of the board of directors. However, because it is it's own legal entity It has distinct advantages such as the ability to issue stock, float corporate bonds, borrow money, take on "special" investors in the form of Preferred stock options.Sub- Chapter S doesn't require all of the bookeeping requirements as a C-Corp and it doesn't issue stock but instead offers percentage of ownership to the owners. The profits or losses of the company pass through to the owners to their personal tax return. It is rarely used any more and has been primarily replaced with the LLC "Limited Liability Company". Which have "Members" as owners.My advice would be to launch your startup as a LLC with you and your fellow investors as Member owners. As your business grows and you find yourself needing to borrow money or issue shareholder stocks then convert to a C-Corp.
How do I properly file form 2553 with the IRS to elect S Corp status for my corporation?
You can download form from the An official website of the United States government and fill out the following information in the form.Name of the companyAddress of the companyEmployer Identification NumberDate of incorporationState of incorporationEffective date of the electionChoose year end fiscal or calendarName of all shareholdersOwnership percentage of each shareholderSocial Security NumberShareholders tax year endYou can either mail or fax to the Internal Revenue Service form 2553 and IRS will send you a approval letter of an S Corporation election.Benefit of S Corporation Election:Your entity becomes a pass-through and all profit and loss transfer to your income tax returns.When should the election be filed?
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.
How do I file an election with the IRS to have my corporation taxed as an S corporation?
The process is easy: file form 2553 with the IRS. But that’s not the real issue. Should you make the election? Have you discussed it with a knowledgeable CPA? Don’t just rush out and do this without careful consideration of the pro’s and con’s of such a move. And, if you think you can do that all by yourself, think again. Unless you are a CPA or EA with loads of experience, you shouldn’t be making this decision unaided. The fact that you didn’t know how to make this reveals that you are not too knowledgeable about corporate taxes… and all the more reinforces my recommendation that you seek professional advice.