Remote Jobs  Remote Insurance Chat Community FAQ Dating Meetups Hire Remotely 
  Homepageโš™๏ธ  Settings๐ŸŒ—  Toggle dark mode โค๏ธ  Your favorites
๐Ÿœ  Explore๐Ÿก  Cities๐Ÿ‡ณ๐Ÿ‡ฑ  Countries๐ŸŒ  Continents๐ŸŽซ  Community๐Ÿธ  Meetups๐Ÿ‘‹  Dating๐Ÿ’ฌ  Chat๐Ÿ—ฏ  Forum๐Ÿ’  FAQ New๐Ÿ”“  Open Startup
๐Ÿ“ธ  Vote on photos๐Ÿ”ฎ  Show random place๐Ÿ’ธ  FIRE calculator๐Ÿ”Œ  Bali sea cable status๐ŸŒค  Climate finder๐Ÿ“Š  Fastest growing New๐Ÿก  Real estate overseasโ›„๏ธ Escape the winter๐Ÿฆ  COVID-19 data๐Ÿ“ฃ  Advertise
๐Ÿ‘ฉโ€๐Ÿ’ป  Remote jobsโœˆ๏ธ  Airlines New๐Ÿ—บ  Neighborhoods๐Ÿ  Coworkations๐Ÿฌ  Coworking spaces๐Ÿ”–  Incorporate๐Ÿš‘  Nomad Insurance
Taxes Us Chat

All Channels
Join Nomad List to chat
# taiwan50min# _politics58min# italy1h# _freelance2h# thailand2h# _covid192h# mexico2h# __roll-call2h# cambodia2h# united-states2h# _gear3h# _flying4h# ___general4h# argentina5h# bali5h# _crypto6h# _coders7h# _startups7h# _bargain-travel9h# _taxes-us9h# peru10h# _food11h# _fitness12h# _jobs-talk14h# spain14h# europe15h# chiang-mai18h# _show-and-tell18h# _money20h# lisbon1d# portugal1d# medellin1d# _relationships2d# paris2d# croatia2d# _design2d# berlin2d# vietnam2d# bulgaria2d# montreal2d# romania3d# south-korea3d# budapest3d# _ruby4d# germany4d# canada4d# japan4d# chile4d# _pets5d# philippines5d# _housing5d# _photography5d# hong-kong6d# _music6d# ukraine7d# _books7d# india8d# _insurance8d# _productivity9d# ecuador10d# malaysia10d# australia10d# serbia11d# united-kingdom11d# _outdoors12d# slovenia13d# netherlands14d# singapore15d# prague16d# georgia16d# _marketing17d# denmark19d# new-zealand19d# egypt21d# costa-rica21d# _javascript21d# austin21d# amsterdam22d# brazil23d# china26d# miami27d# belgium28d# london28d# _legal28d# _overland-travel29d# new-york-city30d# colombia1mo# russia1mo# switzerland1mo# south-africa1mo# greece1mo# sweden2mo# toronto2mo# _language-learning2mo# las-palmas2mo# panama2mo# venezuela2mo# _taxes-intl2mo# indonesia2mo# san-francisco2mo# turkey2mo# middle-east2mo# myanmar2mo# kuala-lumpur3mo# poland3mo# laos3mo# tel-aviv3mo# uruguay3mo# estonia3mo# _lgbt3mo
hcppqu28d
you should try other banks... I use bench for bookeeping and they sent me a list of banks that were taking applications (can send if you want), and they advised to apply with multiple banks at once. I didn't have to go that route, but sounded like good advice....
aepuacfq28d
Yes, please ๐Ÿ™
avpaohkx28d
What did you decide about this U17A5A9U5? Did you check yes?
jrahrhmz28d
I honestly don't know the right answer. I'm assuming that the banks would verify if I qualify based on the documents I provided, but that may be a faulty assumption.
tumzwpvb28d
Itโ€™s so confusing
ajipijpjijd28d
me too please!
iysqmn28d
I can't share links since I'm a newbie :( -- but just sent it to zhgauqrul if he can share the full link - -but main bank they listed was BlueVine then a list of other community banks.
xhzryepgiih28d
woman-bowingskin-tone-2
jkfctsbp25d
I just got a notice of my stimulus payment in the mail about a month after the actual payment was direct deposited ๐Ÿ˜…
amjqds25d
apparently everyone's getting a letter in the mail in addition to the deposit (with Trump's signature) that your check was deposited. It's for memories ๐Ÿ˜‚
qqnhdpowrcy25d
why tf is there a deadline
mezbvhqfiwgjgozj25d
because fuck you that's why
avqpyzghubcmuwbn25d
They're sure that all the people with accountants have already done it, and they don't give a fuck about people who don't have an accountant, because those people are poor
okjcgcpguuahayoj25d
What a gigantic god damn waste of money
rowzgilbqxuygpne25d
(not the checks, mailing out shit with Trump's signature)
yueylmf25d
i thought they were already mailing peoples checks though/
nhqizpdf25d
Oh no. I clicked on that article link and now I only have one more free article left to read this month in Accounting Today
zuhmhzpt25d
Mine says it was โ€œscheduled to be mailed May 1โ€ so what the heck am I supposed to do?
kdwcrmkmynh25d
mine was scheduled to me mailed may 1 and it took several days to arrive so I expect it wasn't actually mailed may 1
lioqmrap25d
Mine still hasnโ€™t arrived. I assume theyโ€™re mailing it to my accountant since thatโ€™s the address I used on my 2018 tax return. Sheโ€™s in the Netherlands so I guess it could take a week or so
schnqkhy25d
My stimulus checkโ€ฆif it actually existsโ€ฆmay do more traveling than me this year
zdwnpqnx25d
My check gonna have status and Iโ€™m nothing ovah heya
hgfamu25d
yup a ridiculous waste of money, time and effort...smh
lxuhjuumzgedx25d
Why can't I just pay _them_ $1200 less, this is so ridiculous
hipnzxnbhwxox25d
Their system still thinks I don't exist, so whatever not worth my sanity
kfdcwmhcoeawwcb25d
There is a certain irony of having his signature on checks given all the stories we heard of him stiffing small businesses and individuals before getting to the WH.
dxvrjyuavsrf22d
Question RE FEIE. Does anyone know how IRS classifies variable foreign earned royalty income? (royalty from book sales?)
ycuwhuvvd22d
znuiejkukutpv My understanding is that itโ€™s earned if youโ€™re still working in the space (writing it, marketing it, etc). Thus itโ€™s subject to SE tax but falls under FEIE. If itโ€™s passive then itโ€™s not earned so itโ€™s subject to income tax but not SE tax.
ctsmpkzaipkd22d
Ok, makes sense. So better earn it under a salary from a company...
qncdakvetppl22d
Thank you
jcrdgkfk20d
Is it a good idea to be cautious with PPP funds until the forgiveness is approved?
oxofwrwur19d
Remember that funds need to be spent within an 8 week period
znxuvqgb19d
What does that mean?
sfnbfozr19d
Especially for independent contractors....
lmozhvvbnt19d
I thought PPP can't be used to pay contractors
umhtriazj19d
It can't be used to pay independent contractors, but if you are an independent contractor, you can qualify for funds.
qmyohika19d
Yikes! That seems to significantly reduce the amount I can get forgiven... I doubt I can claim an Airbnb bill as a forgiveable expense...
lwnpbyjy19d
Or, wait... Maybe not...
meuruchs19d
I guess the loan I got is already for the forgiveable amount.
lkrjyog18d
I think the PPP rules may be changing soon
kuyksmqvxxpy17d
Does anyone have an idea whether being a "self employed" overseas would be a CFC in the eyes of IRS? (not asking for a tax advice)
hncfbjtb17d
chlorofluorocarbon?
ieghxgxrhabd17d
lol
lyxjkfzrwwb16d
jifztglxtckkf do you run a company that is based in US? Or youโ€™re freelance?
plsolmiwbvtp16d
jprjuyodawhu neither, I run a company which is based in Europe
rqyrqnvwayvg16d
My question is how IRS sees US Citizens who are self-employed in Georgia, for example
hbeirkczy16d
The US taxes it's citizen on their worldwide income
rlrgbqsuthnz16d
hey, hqqqplzeqh , how are you doing? Yeah, this fact is not an issue.
zekbguwgjygk16d
In some countries self-employed is kinda a business form, and may or may not be treated as a pass-through entity. so I'm wondering if those incomes are personal incomes or CFC incomes
hqdhccnix16d
I'm not really up on CFCs tbh, but if it's passthrough, the US will tax it. You've got the FEIE and the FTC to offset it. That's about as far as my knowledge stretches
yxkdgwecutgw16d
Is there an IRS doc that says what is actually passthrough for the tax purposes?
pmdiamzdv15d
It all passes through UJT9E93EY. Thatโ€™s pretty much the governmentโ€™s goal. You get taxed on all of it irrespective of entity. It used to be that you could leave some money in an entity and pay upon distribution. Now, mostly, you canโ€™t. You take in money, deduct business expenses, pay tax on the difference. Thankfully you get an FEIE break if youโ€™re eligible. What are you trying to exclude? And how much is it?
bruhhfqmfaax15d
But it answers the "self employed" type of European entities in my case
ogyfnvuczvlj15d
U02T6G2G0ย hmmm isn't there is an exception when the corp tax rate is above 18.9% according to Subpart F income under Section 954(b)(4)ย 
xoxiianvk15d
Yep, it's the Subpart F income that I was referring to when I referred to how things used to be - before the most recent significant changes. The tax reform mostly eliminated the possibilities for deferring the taxes.
blgnbjulm15d
You can eliminate the tax on the FEIE income for both spouses and you can eliminate the Self-Employment tax. There are some other trivial things you can do. Beyond that, from what I can tell, you've got to pay the taxes.
hzvthmkpsohv15d
Wait, but as far as I understand, 18.9% high tax exclusion according to 954(b) is still in effect, no?
zdllezffrsjo15d
```While the statutory language to the high-tax exception was unchanged by the TCJA, other amendments affect the determination of whether an item of income meets the high-tax exception. First, the TCJA reduced the top U.S. corporate tax rate from 35% to 21%. As a result, an item of income will meet the high-tax exception if it is subject to tax in a foreign country at a rate greater than 18.9% (rather than the 31.5% pre-TCJA rate). With the corporate tax rate in many foreign countries exceeding 18.9%, there is a greater likelihood that U.S. groups of multinational enterprises can take advantage of the high-tax exception post-TCJA because it is more likely that the effective tax rate requirement will be satisfied.```
uxkowrzijgak15d
I'm in a no way an expert, but this has been a theme through multiple people I've talked to
axmwvuqfoujx15d
And yes, FEIE totally makes sense, absolutely, if we're talking about my family's personal income
oyennukwj15d
Lets back up a bit - have you ever paid, or do you anticipate paying, corporate income tax? If so, why?
jeiznmnsqaao15d
Haven't done it, but it will be paid in Estonia in case of dividend distribution. So 20% corporate to Estonian govt + whatever personal ordinary/gap gains tax. that IRS wants from me
tmfzlxauzmeb15d
Basically:
โ€ข Corp reinvests revenue into itself or public stock
โ€ข Corp pays dividends to the shareholders at some point, which triggers a 20% corp tax
So let's say, for 2021 there are some dividends distribution planned.
eimvxnpgq15d
I'm sure you're doing it right. I'm assuming you can't avoid a profit. But I've never been forced into that position and would do everything possible to avoid that kind of double tax. Obviously in the US (or in a zero corporate tax jurisdiction) it's easy to just pay it out in payroll.
dlvlmeoiudss14d
Yes. The main target is payroll. The question is whether I can count that 20% Corp tax for the purpose of high tax deduction
etajafjdqoer14d
And if yes, then I can safely reinvest profits that are not paid via payroll into stocks or other assets, or temporary keep in cash for timing structuring purposes
wyqksjrly6d
Many EIDL loans now closing. Emergency payments came through way back but the rest of the loan is now being funded for many folks I know.
botsjrdspiud5d
Does anyone have any clue how would an Ex-Californian FEIE status affect a newly formed WY LLC and CA franchise tax? Customers are in US CA, NY, PA
jytbrlrbilay5d
It sounds like there is no hope and there is no effect at all, but maybe...
wskmdanxodas4d
What do you mean by ex-Californian FEIE status?
papxjfmojybz4d
Regardless of your LLC's location, your FEIE status, and your personal state residency, you still have to file a non-resident return and pay CA franchise tax if you have income sourced from California. I think there might be a minimum income threshold for this but I'm not sure
xoqhmt4d
Does anyone have information on PPP forgiveness for business owners?
zojmcb4d
Iโ€™ve been reading the following โ€œNew Loan Forgiveness Caps for Owner-Employees and Self-Employed Individuals. To the surprise of many, the SBA imposes a cap on the amount of loan forgiveness available for owner-employees and self-employed individuals based on their 2019 income. For such individuals, payroll compensation cannot be more than the lesser of $15,385 or 8/52 of their 2019 compensation. Schedule C filers are capped by the amount of their owner compensation replacement, calculated based on 2019 net profit, and general partners are capped by the amount of their 2019 net earnings from self-employment multiplied by .9235. There is also no additional forgiveness for retirement or health insurance contributions of self-employed individuals.โ€
mqywox4d
Iโ€™m aware this is varying regularly, just was curious if anyone has applied in this situation and what the response has been?
vonwejncj2d
I donโ€™t understand the question. All the above quote seems to say is what the program terms were stated to be prior to applications being accepted. It was not a surprise..
rdftcmjii2d
You apply, you get the money, you get it forgiven (later) if you do what youโ€™re required to do
bcjelqtgfymm2d
Yeah, domicile and income source are two separate tests....
dfapcfxosyqg2d
Thanks for your response
oekspoaxpgrq2d
I guess I was hoping to avoid a "doing business in CA" label
tqwnzxxsqlzr2d
Yeah, I'm in a similar position and also wanted to avoid this. My accountant said there's no getting around it since I source about 36% of my income from California clients. IIRC, if it had been less than 25%, I might not have had to file in CA? But don't quote me on that
nchwhqlkotys2d
I guess this is will be inevidable for any service business that targets technology
jhdcbxstcfjo2d
Basically, most of tech /startups is in CA... so for me that would be always the case
xncjzpgfjqld2d
Then question is this, whether having LLC in CA would affect FEIE in any way...
doyvqljpjgpj2d
like CA thinks I'm doing business in CA and I'm not qualifying for a self harbor. question for an accountant.
tuyuxrcalzon2d
I also had the same question about FEIE and CA, because that was where I lived before becoming a nomad. My accountant made me sever all ties with California personally, but she said it was OK to have my LLC's address be there because FEIE is for my personal taxes, and the LLC is a separate entity
igruqiikhtxz2d
The other thing to note is that CA does not recognize FEIE on your personal state taxes. So if you haven't done so already, it'd be good to establish permanent residency in another state (one that does recognize FEIE), or a different country, before you leave. But this is just relevant to your personal taxes, not your LLC
sjbhxrowjnzk2d
But obvi check with an accountant for all this because this conversation took place 2 years ago and I might not be remembering right
znmlzkbgakpb14h
Yeah, my case is not residence in a different state, but more like employment in a foreign company.
vztbmeswqjyu14h
Makes sense anyway. Do you have any idea what's the overall maintenance cost over a year for a generic single member software LLC in CA? Is it opening fees + $800 CA license +~$200 tax return prep fees?
qpcukheryooe12h
Not sure. I use a very comprehensive tax prep package, so I pay far more than $200/year for tax prep, but they manage all this stuff for me. It's been a while since I've thought about the cost breakdown for this
ihnldo9h
whxnuac there is talk that all PPP loans < ~$150k will get auto-forgiven
ocpeut9h
heard whispers about that this morning, thanks for the tip
llllpv9h
seems like things are changing so fast might as well just wait and see
vdrwdj9h
Yep! We arenโ€™t filing any paperwork for a while
pkfhba9h
Letting this play out
โ€นโ€บ
×
USD โ”€ $
ยฐF
โœจ To see all results
Join Nomad List
Log In
FeedbackIf you find a bug, or have feedback, please write it here. See the FAQ for answers to most questions.Thanks for the message! We will get back to you soon.
Send feedback