Q: Do non-resident LLC owners have the right for Tax Return based on income?
Im currently building a delivery startup LLC in Idaho, US. Im a resident and one of the partners as well, while two other partners are non-residents, who live in Europe.
Is 35% of total income or just the part of income that is distributed to foreign owners withheld for taxes?
Do non-resident LLC owners have the right for Tax Return and how much of 35% withheld can owners get back?
Do the LLC owners have to pay self-employment taxes on top of 35% tax withheld quarterly?
What taxes does LLC pay for contractor drivers?
A:
Foreign owners of an LLC report on a Form 1120 and 5472.
There are withholding requirements for foreign owners of an LLC.
I don't what tax return based on profits means.
LLCs are not taxed. The income flows through to the members. The foreign members will have different treatment.
A company does not pay tax on contractors.
You need to hire a professional yesterday. There's a lot of red flags here and I almost guarantee you have some serious issues that need to be fixed.
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