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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Few questions on new c corp wyoming non resident alien

Resolved Question:

A couple questions:


 


1. As a non resident alien on a new C corp, do I have to make any additional paperwork stating that I (or any member of the corp) will not be receiving a salary/wage? I have decided to pay myself with dividends, but I'm not finding if I need to set something that indicates that I'm not in the US (nor anyone that will be on with this, directors/officers) so I/we will be earning our wages through dividends.


 


2. I understand that the form 1120 has to be filed every 3 months (it has to be on the 15th? or can I do it for example on the 5 or 9?). Do I have to file an annual form? If you have to, how do you do with the timing between 4th 1120 presentation and the annual report?


 


3. I'm going to be putting this company in Wyoming, so I believe they need an annual report. Besides the quarterly 1120 and this, another form that I should be checking?

Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Hi and welcome back to Just Answer!

1. As a non resident alien on a new C corp, do I have to make any additional paperwork stating that I (or any member of the corp) will not be receiving a salary/wage? I have decided to pay myself with dividends, but I'm not finding if I need to set something that indicates that I'm not in the US (nor anyone that will be on with this, directors/officers) so I/we will be earning our wages through dividends.

C-corporation is a separate legal and taxing entity. Because that is US corporation - it has certain responsibilities with the IRS and other US authorities. While you are shareholders - still C-corporation is a separate entity.
When C-corporation pays dividends to shareholders - such dividends are subject of US taxes and if dividends are paid to nonresident aliens - payments are subject of withholding.
As a nonresident alien - you provide to C-corporation your personal information - such as name, address, tax ID, etc. In general - form W8BEN is used to provide such information.
The corporation will report dividends to you and to the IRS using form 1099DIV.

2. I understand that the form 1120 has to be filed every 3 months (it has to be on the 15th? or can I do it for example on the 5 or 9?). Do I have to file an annual form? If you have to, how do you do with the timing between 4th 1120 presentation and the annual report?

The form 1120 is a corporate tax return - it is files one time per year. For 2013 tax year - the form 1120 is due by Mar 15, 2014.

3. I'm going to be putting this company in Wyoming, so I believe they need an annual report. Besides the quarterly 1120 and this, another form that I should be checking?
Each state has its own taxes and reporting requirements. In particular Wyoming - to remain in good standing each business entity, domestic and foreign (with the exception of Statutory Trusts), are required to file an annual report and pay a fee based on its assets located and employed in Wyoming. Wyoming has no personal or corporate income tax. Corporations pay a license tax based on all assets located and employed in Wyoming. The minimum tax is $50 will be due if none of your assets are within the state of Wyoming
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22641
Experience: Taxes, Immigration, Labor Relations
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