104 Chicago Companies Make the Inc. 5000 List of Fastest-Growing U.S. Companies; Businesses Added 7,461 New Jobs Over Last Three Years Mayor Rahm Emanuel and World Business Chicago (WBC) today announced that Chicago ranks second in the nation in the number of fast-growing small businesses for the second year in a row according to the annual…
Literally Everything You Need to Know Before Filing Your Taxes Online I don’t think there is a person on the planet who enjoys doing their taxes. It can be confusing, it’s high a stress situation, and it can lead to expensive mistakes. Sifting through a year’s worth of your financial documentation and trying to understand…
Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers Who Have Used Virtual Currency A federal court in the Northern District of California entered an order today authorizing the Internal Revenue Service (IRS) to serve a John Doe summons on Coinbase Inc., seeking information about U.S. taxpayers who conducted transactions in…
DO NOT Get Audited by the IRS: Hire Licensed Professionals for Online Tax Filing Incorrectly filing your taxes can lead to paying thousands of dollars to the IRS later. The IRS audits one million tax returns each year, and if you’re earning over $100,000 a year or claiming no income, you’re at an increased…
The popularity of cryptocurrencies and the widespread adoption of many crypto assets made 2021 a significant year for cryptocurrencies. This is clear from recent research by Grayscale Investments, which showed that more than half of Bitcoin investors just recently began investing in virtual currency. Investors saw several highs and lows throughout the 2021 cryptocurrency boom,…
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration…
What’s new and what to consider when filing in 2022 Most people generally only interact with the IRS when they file their individual income tax return, and certain people haven’t had to file returns in the past but need to now because of new stimulus and tax credit payments. This year it’s critically important to…
. International students face numerous challenges when they come to the United States. They have to navigate the US tax system, find ways to fund their education and access basic services such as banking. However, obtaining an Individual Taxpayer Identification Number (ITIN) can make things easier for them. Here are some ways that international…
Tax planning is a critical aspect of financial management for small businesses. Whether you’re a startup or a well-established company, understanding and effectively managing your tax obligations can have a substantial impact on your bottom line. In this section, we will explore the significance of tax planning for small businesses, highlighting its role…
The Significance of ITINs An Individual Taxpayer Identification Number (ITIN) is a crucial identification number issued by the Internal Revenue Service (IRS) to individuals who are required to file U.S. tax returns but are not eligible for a Social Security Number (SSN). ITINs play a vital role in the U.S. tax system, as they enable…
Understanding ITINs and Their Relevance An Individual Taxpayer Identification Number, or ITIN, is a significant identification tool issued by the Internal Revenue Service (IRS) for individuals who have U.S. tax obligations but do not qualify for a Social Security Number (SSN). ITINs are integral to the U.S. tax system, enabling non-U.S. residents, including…
The Significance of Business Structure: Choosing the right business structure is one of the most crucial decisions entrepreneurs and business owners make. It profoundly affects various aspects of a business, including its taxation, legal liability, and management. The selection of an appropriate business structure can determine the company’s success, its ability to attract investors,…
The Intersection of Taxation and Company Formation The process of forming a company is a pivotal moment for entrepreneurs, marked by ambition, vision, and innovation. However, amidst the excitement of entrepreneurship, there’s a crucial aspect that often requires careful consideration – taxation. The intersection of taxation and company formation is where the financial foundation of…
The Significance of Tax Deductions: Tax deductions play a pivotal role in the financial landscape of small businesses. They are a way to reduce taxable income and, consequently, the amount of taxes owed. Small business owners can take advantage of a myriad of deductions, whether they are related to business expenses, investments, or other…
Significance of the Employer Identification Number (EIN): The Employer Identification Number, or EIN, holds a pivotal role in the world of business and taxation. It serves as a unique identifier for businesses and other entities, much like a social security number does for individuals. Whether you’re a small business owner, a nonprofit organization, or a…
The Taxation Challenge for Foreign Investors: Foreign investors engaging in financial activities in the United States often encounter a complex web of tax regulations. Navigating this landscape presents a significant challenge, as tax laws, reporting requirements, and compliance obligations can vary greatly from those in their home countries. The taxation challenge for foreign investors becomes…
The Importance of an Individual Taxpayer Identification Number (ITIN): An Individual Taxpayer Identification Number (ITIN) is a crucial identifier issued by the Internal Revenue Service (IRS). It serves a vital role in facilitating tax compliance and financial transactions for individuals who have U.S. tax obligations or need to interact with the U.S….
Significance of Real Estate Investments for Non-U.S. Residents: Real estate investments in the United States hold significant appeal for non-U.S. residents, offering opportunities for asset diversification, rental income, capital appreciation, and potential immigration benefits. Whether it’s acquiring residential or commercial properties, the U.S. real estate market has been a favored choice for investors seeking…
Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns. What is Virtual Currency? Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store…
The Appeal of Investing in the U.S. for Foreign-Owned Businesses: Investing in the United States holds significant appeal for foreign-owned businesses. The U.S. market offers vast opportunities for growth and expansion, a stable business environment, and access to a diverse and affluent consumer base. This guide explores the various aspects of investing…
When it comes to managing your finances, one aspect that often gets overlooked is tax planning through proper company formation. The right business structure can significantly impact your tax liability and financial well-being. In this detailed guide, we will explore the nuances of maximizing tax savings through proper company formation. From understanding…
The Freelancer Economy: The freelance or gig economy has become a prominent part of the modern workforce. Freelancers, independent contractors, and self-employed individuals are increasingly contributing to various industries. This shift is characterized by flexibility, autonomy, and a diverse range of work arrangements. The Importance of Tax Knowledge for Freelancers: In this dynamic work…
The Significance of SOC Reports: System and Organization Controls (SOC) reports play a crucial role in today’s business landscape, offering valuable insights into the internal controls and security measures of service providers. This introduction highlights the importance of SOC reports in ensuring data security and operational reliability. Understanding SOC 1 and SOC 2 Reports:…
The Importance of SOC 2 Type 2 Reports SOC 2 Type 2 reports play a crucial role in assessing and ensuring the trustworthiness and security of service organizations. These reports provide valuable insights into a service provider’s commitment to safeguarding sensitive information and maintaining a secure operating environment, making them essential for both service organizations…
The Growing Importance of SOC 2 Compliance In today’s interconnected digital landscape, the importance of SOC 2 compliance has surged. Organizations, especially service providers, recognize the need to demonstrate the security and reliability of their systems. This guide will shed light on the significance of SOC 2 compliance. Understanding the Scope and Relevance of…
The Growing Concern for Data Security In today’s digital age, data security has become a paramount concern for organizations across the globe. With the increasing volume and complexity of data, protecting sensitive information has never been more critical. Understanding the Significance of ISO 27001 Certification ISO 27001 certification is a globally recognized standard…
Whether you’re a nonresident alien, a spouse of one, or a dependent, obtaining an Individual Taxpayer Identification Number (ITIN) can be a challenging process. Luckily, there’s a solution that can make things easier: a Certifying Acceptance Agent (CAA). Not only do CAAs have in-depth knowledge of the ITIN application process, but they can also make…
Whether you’re a nonresident alien, a spouse of one, or a dependent, obtaining an Individual Taxpayer Identification Number (ITIN) can be a challenging process. Luckily, there’s a solution that can make things easier: a Certifying Acceptance Agent (CAA). Not only do CAAs have in-depth knowledge of the ITIN application process, but they can also make…
Recovery Rebate Credit Brief Overview of Recovery Rebate Credit The Recovery Rebate Credit is a financial relief mechanism implemented by the U.S. government to provide assistance to eligible individuals and families during challenging economic times, such as the COVID-19 pandemic. This credit is designed to ensure that individuals receive the full amount of Economic Impact…
Importance of Retirement Savings Planning for retirement is an essential aspect of financial stability and security. Retirement savings play a pivotal role in ensuring a comfortable and stress-free life after leaving the workforce. As people age, the ability to work might diminish, and having adequate savings becomes crucial to maintain the desired lifestyle. Retirement savings…
FATCA Reporting for U.S. Taxpayers Brief Overview of FATCA The Foreign Account Tax Compliance Act (FATCA) represents a crucial component of U.S. tax law aimed at combating tax evasion on a global scale. Enacted in 2010, FATCA requires U.S. taxpayers to report their financial accounts held outside the United States, promoting transparency and ensuring compliance…
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How to apply for ITIN from Pakistan? Benefits of ITIN? Do you need US Tax ID/ITIN?
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How To Start Business, Company Formation in the USA from Pakistan: Hassan Abbas, EA
This video explains the process of setting up the company and getting a US tax ID #ITIN from Pakistan.
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