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I set up a company in America from abroad. My company appears on the forms as "PARTNERSHIP," but originally I was the sole owner of the company, I had no company partner, I never had one. This was accidentally marked like this. My EIN form says 3.15.2020 Form 1065. I haven't made a tax statement yet.
1- Do I have to get a new EIN?
2- How do I turn a" PARTNERSHIP " situation into a single partnership? I have no idea how to make a tax return.
3- Does the deferred tax declaration for July 15 apply to me?
4- I'm also a foreigner, they said I have to fill out another form for a foreign tax return. Can you give information on this subject?
5- Can I also apply for an ITIN with a tax declaration? If yes, how can I do this? Can you help me?
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@sezzo35 assuming that you have set up an entity as a partnership under US laws ( entities are usually formed under state laws -- so which State? Delaware ? ) To change your entity type you would need to contact that state to advise on how to achieve that.
(a) The EIN ( Employer Identification Number ) is attached to the entity and not to the type of entity-- it is a number used to identify the entity and among other things to credit the tax deposits of employees.
(b) To change the entity from partnership to sole proprietor, you need to talk to the State under whose laws it was formed ( see above )
(c) Your current entity type ( you need to correct this ASAP ) requires you to file two returns -- a business returns at entity level ( the date is as shown in your EIN application -- 03/15 /XXXX . Then there is individual return on form 1040-NR ( NOT supported by TurboTax -- See SprinTax or a tax professional ) covering your US sourced income and a flat 30% tax.
(d) Yes to file a tax return as a Non-Resident Alien, you may need ITIN.
VERY STRONGLY suggest that you see a US Tax professional , familiar with international filing -- at least for this first year you should not do it by yourself-- tax laws for NRA ( Non _resident Aliens ) are complicated and often impacted by Tax treaty between your country and USA.
If I want to do this process myself, Can you tell me the path I need to follow ? I want to know what needs to be done in this process, what forms need to be filled out. Taking ITIN, turning Ein into sole owner, making foreign partner notification etc. Thank you for taking the time.
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