Frequently Asked Questions

Before registering a company, you will need the following:

  • Decide the type of business entity you want to establish. The types of entity structures include Limited Partnership (LP), Limited Liability Partnership (LLP), Limited Liability Company (LLC), S Corp (Small Corporation or a Corporation.
  • Choose the name of the business.
  • Name, address, date of birth, SSN or ITIN, telephone number and position of each of the directors who will own the business.
  • Description of the service that the business will provide.

Once this information is established, you must register in the state where you will operate along with
filing a request for an EIN from the IRS. You may need to obtain the required licenses for your business
depending on the county to which you belong and the type of business you will be developing.
If you are ready to fulfill your dreams and need help with this process, do not hesitate to contact us. We
specialize in this!

The INC is an entity that separates assets from the owner or owners, reports and pays its own taxes. If a
claim arises from either party, it does not involve the other party. This category can be converted to
Small Business by the government.
The LLC does not separate assets. If it has two or more partners, the partnership reports but does not
pay taxes on its income. Rather the business profit is distributed year by year to each partner (according
to their percentage), and it is the owners who report and pay taxes on the gain on their personal taxes.
If the LLC has one partner (owner), then the taxes on the company would apply on a personal level. This
means that the owner reports and pays business taxes on his or her personal taxes and does not
separate assets.

You do not need to be a US resident or citizen to create a company in the United States.

IRS Form 1099 documents different types of payments made by a person or company to a contractor.
These payments are not from an employer.
You may receive this form if you are self-employed, have investment income, retirement distributions,
or other financial transactions.

Having a Payroll managed correctly will allow for a large number of benefits for both the employer and
the employee.

For the employer:

  • Provides clarity in the salary and salary obligations of each of your employees, reducing errors when making payments such as double payments or forgetting payment dates.
  • Applying the correct withholdings without costly mistakes or fines that can be obtained by performing the procedure incorrectly due to lack of knowledge.
  •  Certifying that the payments that your business makes through payroll are remitted to the correct state entities. These enable tax deductions related to the profit of your company, financial support assistance and other assistance programs for entrepreneurs.
  • Protects yourself from any legal recourse that may arise regarding the correct payment of employees’ salaries.
  • Optimizes your time as an entrepreneur in dedicating yourself to generating commercial and marketing opportunities that will grow your business, instead of being worried about the administrative and payroll management of your employees.

For the employee:

  • Clarity of payments and withholdings received by your employer.
  • Full knowledge of your financial status with respect to the work carried out in a company.
  • Ease and clarity of your accounts when filing your taxes.

Tax ID (Individual Taxpayer Identification Number) is a number issued by the IRS to people who do not
qualify to have a social security number.
To request the Tax ID you need to send the IRS Form W-7, a Federal Tax Return 1040 and an
identification document. We typically recommend sending a valid passport.
It may take up to 6 weeks to receive the letter with the assigned number.
If you need help with this process, do not hesitate to contact us.

You would generally need to file an amended tax return if you discover errors or omissions on a tax
return you’ve already filed. Here are some common situations that might require filing an amended

  • Reporting additional income.
  • Claiming additional deductions or credits.
  • Correcting errors.
  • Changing your filing status, dependents, or other personal information.

There isn’t a specific deadline for filing an amended return, but generally, you have up to three years
from the date you filed your original return, or two years from the date you paid the tax, whichever is
later, to file an amended return to claim a refund or credit. However, if you owe additional taxes, it’s
best to file the amended return as soon as possible to minimize any potential penalties or interest.
If you’ve filed your taxes and think they need to be reviewed, contact us for assistance.

A dependent is typically someone who relies on you for financial support, and there are specific criteria
that must be met for someone to qualify as your dependent.

  • Relationship: The person must be related to you in one of several ways: they could be your child (including stepchild, foster child, or adopted child), sibling, parent, grandparent, grandchild, niece, nephew, aunt, uncle, or certain other relatives.
  • Residency: The dependent must have lived with you for more than half of the tax year.
  • Support: You must have provided more than half of the dependent’s financial support during the tax year.
  • Income: Generally, the dependent must have earned less than a certain amount of income during the tax year.
  • Age: For a child, they must be under 19 years old at the end of the tax year, or under 24 years old if they’re a full-time student for at least five months of the year.

There is no age limit for a person who is permanently and totally disabled.
If someone meets these criteria, you can typically claim them as a dependent on your tax return. It’s
important to carefully follow the IRS guidelines and ensure that you meet all the requirements for
claiming a dependent to avoid potential penalties or audits.

The time it takes to receive your tax refund can vary based on several factors:

  • Filing Method: If you file your taxes electronically (e-file), you’ll generally receive your refund faster than if you file a paper return. E-filed returns typically have quicker processing times.
  • Accuracy of Information: If there are errors or discrepancies in your return, it might take longer for the IRS to process it and issue your refund.
  • Tax Season Timing: Refund processing times can also depend on when you file your return. During peak tax season, such as early to mid-April, the IRS might experience higher volumes of returns, which could lead to longer processing times.
  • Refund Method: How you choose to receive your refund can affect the time it takes to get it. Direct deposit into a bank account is usually the fastest method. If you choose to receive a paper check, it will take longer to arrive by mail.

Typically, if you e-file your return and choose direct deposit, you can expect to receive your refund
within 21 days. However, this is just an estimate, and actual processing times may vary. You can track
the status of your refund using the IRS’s “Where’s My Refund?” tool on their website.