I have a LLC in Delaware. I have used a foreign address ( Sri Lankan Address) for my llc. I am living in Sri Lanka ( Foreign Country ). If My LLC earning money in usa , should i pay tax individually by using a ITIN number to the usa and also should pay tax from my llc too?
1 Answer from Attorneys
Generally speaking, assuming you are a one member LLC or you chose the default LLC partnership tax treatment then there is no taxation on the LLC level. Instead all profits and losses will flow to you on a personal level. The accountant you choose to file taxes may either file tax returns for both the LLC and then for you or may just file a tax return for you and include the LLC's profits and losses on schedule C.
And you are correct that the tax return would have to be done using your ITIN. Also note that you may have an obligation to withhold a portion of your estimated earnings. If you have any legal questions about the LLC or if you need a recommendation for an accountant please contact me directly.
Roman R. Fichman, Esq.
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