Form 1099s, W Forms & Statement Analysis (payments to US contractors)
- Required if your US entity paid any US contractor, lawyer, landlord or LLC, an individual aggregate of over $600 during the entire year per person
- Inkle will 1) Analyze your bank statements 2) Create W forms for all contractors, and 3) File 1099s
- 31st Jan deadline
Form 1120 (federal tax filing)
- Primary Federal IRS tax filing (Form 1120)
- Provide us clean financials, or we do bookkeeping cleanup first (see b) and prepare for you
Form 5471 (if any foreign subsidiary)
- Required if US corporation has a foreign subsidiary at any time during tax year
- You upload clean balance sheet and income statement from your overseas subsidiary
- We consolidate this under your US corporate tax filing in Form 5471
- Avoid $10k penalty and bad-standing with IRS
Form 5472
- Required if US corporation did any reportable transactions at any time during tax year AND has any 25%+ foreign shareholder
- Avoid $25k penalty and bad-standing with IRS
Form 7004
- We'll submit the form on your behalf
- Request IRS for 6-month extension from 15th Apr or 15th Jul to file tax return
- Form 7004 is free only for Inkle subscribers
Form 8938 (foreign financial assets)
- Specified US entities that have an interest in specified foreign financial assets and meet the reporting threshold
- Total value of assets was more than $50,000 on the last day of your tax year, or more than $75,000 at any time during your tax year
- Deadline matches your chosen tax year deadline, and form is filed with your tax filing
Form 926 (foreign investment)
- Required if US corporation is investing over $100k in a foreign entity during that tax year