United States EB-1 Extraordinary Ability Visa
The United States EB-1 visa is an employment-based priority visa, also known as the Extraordinary Ability Green Card. It is intended for individuals with extraordinary abilities in the sciences, arts, education, business, or athletics; outstanding professors and researchers; and multinational executives or managers. These individuals must have a record of significant achievements and be able to demonstrate sustained national or international acclaim in their respective fields. The EB-1 visa process typically involves employer sponsorship and a substantial amount of documentation and evidence to support the individual eligibility. To qualify for the EB-1 Green Card category, you should meet at least three of the following criteria: Being awarded national and international honors for their achievements and excellence. Become a member of an association in their field, which continually demands progress from its members. Publishing papers or research in your field that receive recognition from journals or media. Being asked […]
U.S. E-2 Treaty Investor Visa
The E-2 visa allows foreign investors and their families to live and work freely in the United States, representing one of the earliest visa types in the country. The origin of the E-2 visa is rooted in treaties between the United States and specific nations, namely the Treaty of Friendship, Commerce, and Navigation. The first of these treaties was signed with United Kingdom in 1815, aimed at fostering trade between the two nations, which had previously been at war. With the enactment of the Immigration and Nationality Act in 1924, the E Visa category was incorporated into United States law, introducing the E-1 Treaty Trader category to facilitate trade by foreign merchants. The attraction of substantial foreign investment led to the creation of the E-2 Treaty Investor category in the Immigration and Nationality Act of 1952, thereby incorporating the E-2 Visa into law. Applicants who meet one of the […]
Introduction of 2022 U.S Tax Form 1099-K
New changes in 2022: On December 23, 2022, the IRS announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of more than $600. For the years before 2022, third-party settlement organizations who issue Forms 1099-K are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions. What is Form 1099-K? Form 1099-K, Payment Card and Third-Party Network Transactions is an information return that reports the gross amount of reportable transactions for the calendar year to the IRS. What is Gross Amount? The “gross amount” means the total dollar amount of total reportable payment transactions for each participating payee without regard to any adjustments for credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts. The dollar amount of each transaction is determined on the date of the transaction. […]
The Composition of US Payroll Introduction
The Composition of US Payroll Introduction The payroll of employees of U.S. companies is governed by federal, state, and local regulations. It is generally comprised of gross income before taxes, federal and state personal income taxes, social security taxes and Medicare taxes, disability insurance, net income, etc. The following is a detailed description of each component, frequency of payroll, payroll taxes, and Form W-2. Composition of payroll Payroll is generally composed of gross income, payroll deductions, federal and state personal income taxes, social security taxes and Medicare taxes, disability insurance, and net income. Gross income is the total payment received by the employee before any deductions or taxes are taken out and includes any other type of earnings that an employee may have. For example, holiday pay, vacation or sick pay, bonuses, and any miscellaneous pay that the employee may receive. Payroll deductions are a variety of voluntary deductions that […]
Comparison for LLC and C-Corporation in Delaware
Comparison for LLC and C-Corporation in Delaware This article will compare the difference between Delaware-Corporation and LLC from structure, registration requirements, and tax treatment. Structure Corporations Limited liability Companies No. of Shareholder/ Member At least 1 Shareholder At least 1 Member No. of Director 1 N/A Characteristics 1. Corporations are intended to provide limited liability; shareholders are generally not individually liable for the debts and obligations of the company. 2. Corporations are assessed corporate taxes on their own profits. Shareholders are taxed separately, if the company distributes dividends to them (or if it pays them a salary, in the case of employee owners). 3. Corporations are allowed to keep $250,000 in retained earnings without accumulated earnings tax. 1. LLCs are intended to provide limited liability for founders; moving liability for debts and obligations of the business from the entrepreneurs into the company itself. 2. LLCs offer […]
Comparison for LLC and C-Corporation in California
Comparison for LLC and C-Corporation in California This article will compare the difference between California-Corporation and LLC from structure, registration requirements, and tax treatment. Structure Corporations Limited liability Companies No. of Shareholder/ Member At least 1 Shareholder At least 1 Member No. of Director 1 N/A Characteristics 1. Corporations are intended to provide limited liability; shareholders are generally not individually liable for the debts and obligations of the company. 2. Corporations are assessed corporate taxes on their own profits. Shareholders are taxed separately, if the company distributes dividends to them (or if it pays them a salary, in the case of employee owners). 3. Corporations are allowed to keep $250,000 in retained earnings without accumulated earnings tax. 1. LLCs are intended to provide limited liability for founders; moving liability for debts and obligations of the business from the entrepreneurs into the company itself. 2. LLCs offer […]
U.S. Tax Deadline for Individuals Extended to May 17
U.S. Tax Deadline for Individuals Extended to May 17 On March 17, 2021, the Treasury Department and Internal Revenue Services announced that the federal income tax filing due date for individual for the 2020 tax year will be automatically extend from April 15,2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17. You do not need to file additional forms or call IRS to qualify for this automatic extension. Individual taxpayers who need […]
Comparison for LLC and C-Corporation in New York
Comparison for LLC and C-Corporation in New York This article will compare the difference between New York-Corporation and LLC from structure, registration requirements, and tax treatment. And give you couple of examples of tax calculation for your reference. Structure Corporations Limited liability Companies No. of Shareholder/ Member At least 1 Shareholder At least 1 Member No. of Director 1 N/A Characteristics 1. Corporations are intended to provide limited liability; shareholders are generally not individually liable for the debts and obligations of the company. 2. Corporations are assessed corporate taxes on their own profits. Shareholders are taxed separately, if the company distributes dividends to them (or if it pays them a salary, in the case of employee owners). 3. Corporations are allowed to keep $250,000 in retained earnings without accumulated earnings tax. 1. LLCs are intended to provide limited liability for founders; moving liability for debts and […]
U.S. Tax Tips When You Got a PPP Loan
U.S. Tax Tips When You Got a PPP Loan Paycheck Protection Program (PPP) loan is intended to help small businesses maintain payrolls and continue necessary payroll-related payments like rent and utilities. And if you meet the criteria, the loan may be forgiven. However, some small business owners do not know how to deal with this PPP loan forgiveness when they file the tax return. This article will give you some tips. Congress specified, and the IRS clarified, that forgiven PPP loans will not count as taxable income. This applies whether your entire loan is forgiven or just a portion. For the expenses paid with PPP loan, IRS initially stated that those expenses cannot be deducted if the loan was or will be forgiven. However, that changed with the coronavirus relief act signed into law on Dec. 27, 2020, which specifies that deductions should not be denied simply due […]
Tax Changes You Need to Know Before Filing Your U.S. 2020 Tax Return
Tax Changes You Need to Know Before Filing Your U.S. 2020 Tax Return There are several tax changes or annual inflation adjustments for tax year 2020. This article will give you a short checklist of tax changes you need to know before you file the 2020 tax return. Stimulus Checks During 2020, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s $2 trillion relief package, the government sent up to $1,200 in the form of a stimulus check to millions of Americans. But do you know how to report your stimulus checks income when you file the tax return? The good news is your stimulus check will not count as taxable income. Eligible Americans who did not receive the first or second payment can claim a Recovery Rebate Credit based on their 2020 income on the 2020 tax returns. Standard Deduction Standard […]