Bookkeeping providers offer comprehensive bookkeeping, accounting, and tax services. Learn about key functions such as journal entries, ledger maintenance, reconciliation, and trial balances with Inkle.

C Corporations must file Form 7004 on or before the original deadline of their tax return Form 1120, which is by the 15th day of the 4th month after the taxable year ends.

The deadline for C-Corporations following the calendar tax year is April 18, 2023.

It's good practice (but not mandatory with Inkle).

In our experience, many founders tend to just "leave it to the deadline" - and then rush or miss the deadline. And they have little visibility into their books at any given time.

If you come to us days before the deadline, it's really tough for us to catch up your books if you have lots of transactions and missing invoices. And almost impossible to use Accrual method. So we'll be forced to used Cash method accounting, which isn't ideal for you.

Many US tax filing services compel you to pay a high monthly bookkeeping charge of more than $500/month and subscribe to Quickbooks, even if you have low activity at the start. We have fair pricing and nudge you for monthly bookkeeping because it's better for you, and it will cost you about half of the total monthly cost over 12 months in terms of annual cleanup anyway. Why not have monthly visibility instead.

Providing false information or failing to report/update beneficial ownership may lead to penalties. Civil fines are $500 per day, and criminal penalties include fines up to $10,000.

If a report with inaccurate information is filed without the reporting company's knowledge, there's a 90-day safe harbor to submit a corrected report.

Click on the "Get My Referral Link" button. You will be redirected to the Inkle app, where you will be able to copy your referral link & share it with your community.

No, our assisted service eliminates the need for expensive legal consultations. However, if you need legal advice, Clerky offers an optional attorney collaboration portal.

Form 2553 is the application to elect S corporation status for a business entity with the IRS.

Foreign Inwards Remittance Advice (FIRA) is a document used in the Indian cross-border payments context. It is used as proof of a foreign currency conversion to Indian Rupees. FIRA is required to claim a GST refund for services or goods exported from India. We provide you with a free FIRA on your dashboard for every transfer, simplifying the process for you.

No, the batch deadlines are only for founders. Investors will stay in out database and receive all batches.

C corporations use Form 926 to report property transfers to foreign corporations.

Just put your new address on your new Tax Filing, and they'll update their systems. Or see here for other methods: https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes

Take the guesswork out and see the numbers for yourself.

May 31 or June 30, 2023, for eFiling.

Form 5472 is needed for specific reportable transactions, not all foreign-related ones. Consult IRS guidelines or Inkle to determine what to report.

The Inkle Ambassador Program enables partners to earn a flat fee on referred customers. We provide the materials and resources you need to succeed.

Generally, foreign real estate isn't reported on an FBAR except when held through a foreign financial account like a foreign bank account, where exceptions may apply.

Yes, both Form 8938 and FBAR might be necessary since they serve different purposes and have separate reporting thresholds. While FBAR has its requirements, Form 8938 is part of your annual tax return and may need to be filed, even if you're already submitting FBAR.

• India LLP or subsidiary formation
• Apostille services (if required)
• Fundraising documents
• Stock plan adoption
• Attorney fees/advice
• Mailroom & post-incorporation services

Reporting companies formed or registered on or after January 1, 2024, are required to report their company applicants. A company may have up to two potential applicants:

1. The person directly filing the document for company creation or registration.
2. If multiple individuals are involved, the person primarily responsible for directing or controlling the filing.

Yes, our platform adheres to the SOC2 Type 2 security framework. We undergo regular third-party audits to maintain compliance and improve our security practices.

Our team will assist you every step of the way. Before we kickstart your incorporation process with Inkle, please prepare the following information:

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• Brand Name: What will your company be called?
• Entity Name: What will your company be registered as?
• Incorporator Name: This can be anyone.
• Incorporator Email
• U.S. Mobile Number
• Indian LLPs/RPs: One for each founder.

• Entity formation (Delaware C-Corp)
• EIN application (Employer Identification Number)
• Bank account setup
• Registered agent services
• Founder stock issuance
• Lifetime documentation & compliance support

For more information or if you have further questions about the program, you can reach out to the Inkle support team through Chat within the platform.

Yes, S corporations have restrictions on the types of shareholders they can have. Certain entities, such as other corporations, partnerships, and non-resident aliens, are generally not eligible shareholders.

In 2021, Congress passed the Corporate Transparency Act to establish a beneficial ownership information reporting requirement. The aim is to enhance transparency and deter individuals with malicious intentions from using shell companies or unclear ownership structures to conceal or profit from illicit gains.

Starting from January 1, 2024, certain U.S. companies must share details about the people who own or manage the company (beneficial owners) with FinCEN (Financial Crimes Enforcement Network). The CTA became law in 2020 as part of the Anti-Money Laundering Act, included in the National Defense Authorization Act for Fiscal Year 2021.

Beneficial ownership information refers to identifying information about theindividuals who directly or indirectly own or control a company.

Individuals, estates, and trusts with qualified company income from pass-through entities, like partnerships, S corporations, and sole proprietorships, may be eligible to use Form 8995.

Partners receive earnings on a monthly basis.

Yes, based on the complexity of a corporation's finances, additional schedules like Schedule R, Schedule K, and others might be required with Form 100.

Individuals who expect to owe a certain amount of tax and don't have it withheld through their paychecks or other sources are generally required to file Form 1040-ES.

Inkle offers a flat fee revenue-sharing model based on the volume of referrals and the services your clients use. Apply to learn more about your earning potential.

No. It's free.

Missing a payment deadline can result in penalties and interest charges, so making timely payments is essential. Late payments may also affect your ability to request an extension.

Form 8995 provides a step-by-step calculation process to determine the QBID. It involves determining your qualified business income, limitations, and other factors.

We provide an option to delete customer data upon request and will ensure that the data is erased within a set timeframe.

Reporting companies established or registered before January 1, 2024, must file their initial beneficial ownership report by January 1, 2025. For those created or registered on or after January 1, 2024, the deadline is 30 days from receiving notice of their effective creation or registration or from the first public notice by the secretary of state or similar office, whichever comes first.

No. There will be no government fee for submitting your beneficial ownership information report to FinCEN.

No, it also includes compliance. You can pre-fix the purpose code and download e-FIRA for free from the dashboard to claim GST exemptions.

You should adjust your estimated tax payments to reflect the change in income. You can recalculate your estimated tax and make larger or smaller payments as necessary.

You must still file a Form 1040 tax return to reconcile your estimated tax payments with your actual tax liability.

We invite high-quality, active investors of various kinds, including VCs, angels, scouts and syndicates.

For your 2022 tax year and beyond, your taxable income might increase, possibly leading to due taxes even if you think you were loss making.

Yes, Inkle Incorporate is one of the only platforms for US incorporation compliant with Indian FEMA regulations

We use the Advanced Encryption Standard (AES) algorithm with a key size of 256 bits and with a unique and proper encryption key rotation policy for each customer.

Reporting companies who are obligated to file are:

• Domestic reporting companies include Corporations, LLCs, and other entities created by filing with a U.S. secretary of state or a similar office.
• Foreign reporting companies include entities formed under foreign law registered to do business in the U.S. through filing with a secretary of state or similar office.

A Transfer Pricing Benchmarking Study is conducted to determine the margin rate for transactions between the related parties. It is required annually from the second year of starting such transactions. A Transfer Pricing Audit (Form 3CEB) is a mandatory annual report that companies engaging in Transfer Pricing must file with the Indian tax authorities. Inkle can help you with both of these processes through our network of empaneled CA firms.

Inkle Books allows you to track payroll by integrating with payroll services or manually entering payroll data. If you use a payroll service, connect it through available integrations to automatically sync payroll information. For manual entry, record payroll expenses under the appropriate categories, ensuring accurate tracking of wages, taxes, and other deductions. You can also use Inkle Books’ reporting features to generate payroll summaries and review compensation costs.

Companies exporting goods or services from India need to furnish a Letter of Undertaking (LUT) on the GST portal. This allows them to make these exports without paying IGST upfront.  It is recommended to include the LUT Application Reference Number (ARN) on the Transfer Pricing invoice.

Here's a sample Invoice: drive.google.com/file/d/1sHgIx7AwswLQkUYnAaiGudN7ZMCh4XSi/view?usp=sharing

You can complete Form 2553 by providing information about your corporation, shareholders, and the S corporation election. The completed form is then submitted to the IRS.

These include ongoing compliance support, charter amendments, NDAs, foreign qualifications, and more, ensuring your business remains in good standing.

If you have a Delaware C-Corp which was in existence during any calendar tax year (1st January to 31st December), then yes you must file the Annual Report and pay the Delaware Franchise Tax. This is going to cost you a minimum of $400 tax + $50 government filing fee, and possibly much more if you've raised in the millions.

While the Delaware Franchise Tax Calculator can provide valuable insights into your potential tax liabilities, it may have limitations in accommodating unique business situations or changes in tax laws. Additionally, the calculator's accuracy depends on the inputted data. For comprehensive tax planning, using the calculator as a starting point and seeking professional advice when necessary is recommended.

A Delaware C Corporation (C Corp) is a type of business entity formed under the laws of Delaware and is taxed separately from its owners. A C Corp is considered a separate legal entity from its shareholders, meaning it can enter into contracts, own assets, and conduct business in its name.

No, Inkle is not a law firm and does not provide legal advice. For legal matters, we recommend consulting a licensed U.S. attorney.

Inkle Books prioritizes the security of your financial information with robust measures. The platform uses encryption to protect data both in transit and at rest. Additionally, Inkle Books complies with industry-standard security protocols and offers multi-factor authentication (MFA) for added security. Regular security audits and updates ensure that your financial information remains safe from unauthorized access.

Obtain a 409A valuation before issuing your initial common stock options, after completing a round of venture financing, annually or after a significant event, and when approaching an IPO, merger, or acquisition.

The Delaware Franchise Tax Calculator is a tool designed to help businesses estimate their franchise tax obligations to the state of Delaware. It typically works by inputting relevant financial information, such as the number of authorised shares and gross assets, and then calculating the expected tax amount based on Delaware's franchise tax regulations.

The specific information required may vary depending on the calculator, but typically, you'll need details such as the number of authorised shares, par value of shares, gross assets, and any additional factors relevant to Delaware's franchise tax calculation methods.

To elect S corporation status for a tax year, Form 2553 generally must be filed two months and 15 days after the beginning of that tax year.

Required if US corporation did any reportable transactions at any time during tax year AND has any 25%+ foreign shareholder. See here https://www.irs.gov/instructions/i5472

Form 5471 is filed by U.S. taxpayers, while Form 5472 is for foreign corporations in U.S. business or U.S. corporations with 25% foreign ownership.

No, you do not need to be a U.S. citizen to incorporate in the United States; our services cater to entrepreneurs of all geographies.

Form 8938 includes various foreign financial assets like bank accounts, investments, foreign entity ownership, etc. For a complete list of reportable assets, refer to IRS instructions.

Some specific exceptions and exemptions exist for certain types of transactions and entities. For example, certain de minimis transactions may be exempt from reporting.

Delaware Franchise Tax Calculators are freely available online. However, it's essential to ensure you're using a reputable and accurate calculator provided by a trusted source, such as the Delaware Division of Corporations or reputable financial websites.

US VCs and angels often don't get India-based dealflow without feet on the ground, and because India founders don't reach out to you. Inkle Raise fills that gap, providing a liquid platform for receiving vetted and curated pitches from quality early stage teams that you probably haven't heard of before.

Filing Form 926 is crucial because it allows the IRS to monitor and track investments made by C corporations in foreign entities, ensuring compliance with tax laws.

We enforce stringent password security policies and MFA (Multi-factor Authentication) based access for all our employees via a central active directory. We strictly monitor access to customer data and only permit it on an as-needed basis.

Yes, there are income limits and phase-out ranges for claiming the QBID. The limits can vary based on filing status and taxable income.

All reporting companies should include the following information in the Beneficial Ownership Information report -

Reporting Company Details:

1. Legal name
2. Trade names
3. Current U.S. business address
4. Jurisdiction of Formation
5. Taxpayer Identification Number (TIN) or foreign-issued tax identification number and issuing jurisdiction.

Beneficial Owner Details:For each beneficial owner, the reporting company must provide:

1. Name
2. Date of birth
3. Residential address
4. Identifying numbers from an acceptable ID document (e.g., passport or U.S. driver's license) and the issuing state or jurisdiction. (Include a copy of the identification document used for obtaining the identifying number).

Company Applicant Details:Only applicable for companies incorporated on or after 1st Jan 2024. For each company applicant, the reporting company must provide:

1. Name
2. Date of birth
3. Address
4. Identifying numbers from an acceptable ID document (e.g., passport or U.S. driver's license) and the issuing state or jurisdiction. (Include a copy of the identification document used for obtaining the identifying number).

Companies for IRS compliance and impartiality often prefer external appraisals, as independent experts ensure accurate evaluation of complex factors. This results in well-supported reports, reducing inaccuracies and conflicts with tax authorities.

Various factors influence the cost of bookkeeping services, from business size to required features. Find out about pricing structures, with options ranging from monthly fees to hourly rates with Inkle.

Both are trusted incorporation partners, but they offer different features:

Clerky – Best for founders needing flexibility in share issuance, add-ons like SAFEs and stock plans, and an attorney collaboration portal.

Stripe Atlas – Best for ease of use, fixed share issuance, and perks like cashless founder stock purchase and massive Stripe discounts.

Inkle Raise is not a accelerator, incubator or investor. We provide warm introductions, events and tools for free to the community of founders who apply. Many of these founders will hopefully elect to do business with Inkle.

Our panel will systematically review pitches and curate a cohort of ambitious companies to showcase.

Notification of your selection status will be provided by Inkle by 31st Dec 2023.

If selected, you will be introduced on a double opt-in basis to the investors who wish to meet you.

If not selected, you are welcome to pitch again after further progress.

You earn rewards by sharing your referral link. When a friend signs up using your link and completes their first service, both you and your friend will receive $100 worth of Inkle Credits or an Amazon Gift Voucher.

Suppose you fail to file a 7004 tax extension or tax return within the appropriate deadline (March 15, 2023, for S-corporations and partnerships and April 18, 2023, for corporations and other businesses). In that case, the IRS will charge interest and penalties on any unpaid Federal taxes.

If you do not file and owe taxes, the failure-to-file penalty is 5% per month (up to 5 months) of the amount due. If your return is over 60 days late, you may be subject to a $135 minimum penalty. The IRS will also impose a failure-to-pay penalty of 0.5% per month (up to 25%) of the amount due if you file a return or extension but don’t pay all your taxes on time.

Considering a bookkeeping service is an intelligent choice if you're looking to save time and money. Discover how professional bookkeeping can help streamline your finances with Inkle.

Rewards are processed once your friend completes their first service with Inkle. Payments are typically processed monthly.

Electing S corporation status can offer tax advantages, including pass-through taxation and avoiding double taxation on corporate income.

The timeline can vary based on several factors but typically ranges from a few days to a couple of weeks depending on your specific needs and structure.

We open a Virtual Account with JP Morgan Chase for your Indian entity. You need to make a domestic wire from US Bank A/C to this Virtual Account, and then funds are credited in INR in Indian Bank A/C after currency conversion. Funds do not touch Inkle anywhere.

The Internal Revenue Service (IRS) has introduced a significant update to its electronic filing requirements, effective for the 2023 tax year and onwards (to be filed in 2024). This new mandate stipulates that businesses filing ten or more information returns within a calendar year are obliged to submit these returns electronically. This marks a substantial change from the previous regulation, which set the electronic filing requirement at over 250 annual information returns.

Issued in February 2023, the updated IRS regulations encompass various information return types, including forms such as 1099s and W-2s. Under this new rule, businesses are required to aggregate the total number of all return types to determine if they meet or exceed the ten-return threshold. For instance, a company that needs to file two Form W-2s and eight Form 1099-NECs would have to file all of these returns electronically, as the combined total crosses the ten-return limit.

The mandate is quite inclusive, with few exceptions. It applies to almost all returns if their cumulative number exceeds ten. This regulation significantly impacts how businesses manage and file their information returns, especially those dealing with independent contractors' payments.

Form 1120 is a crucial tax document utilized by corporations in the United States to disclose their income, gains, losses, deductions, and credits for federal income tax goals. In Delaware, corporations are expected to submit Form 1120 if they are operating within the state or have obtained income from sources within its boundaries.

Specific criteria must be met, such as having a valid business structure (typically a domestic corporation), a particular number of shareholders, and meeting other requirements.

It's best to do a tax consultation with our certified professional tax experts who can help you determine the answer.

As a general rule of thumb: if you don't have a formal physical office, permanent employees in attendance, stock or inventory and business operations, then you won't need to file a State return. This is even if your US company address is located in that state. Basically: it depends on what you're doing in the state.

Yes, a 409A valuation can and should be updated if there are material changes in your company's financial situation or other significant events.

Nil return means your US Corporation has no transactions in the concerned tax year.

Detailed reporting on foreign corporation ownership, finances, operations, including key data, related-party transactions, and essential info.

Yes, there are exceptions based on ownership thresholds and specific circumstances. It's essential to review the IRS guidelines to determine if you meet the criteria for exemption from filing Form 5471.

Accounting software can empower small businesses to manage their own bookkeeping efficiently, thanks to automated operations ensuring accurate financial records. Know more with Inkle.

BE-12 is a survey conducted by the Bureau of Economic Analysis every five years to collect data on foreign investment in the US. US businesses with foreign ownership or control must participate.

Due to the high volume of submissions, we regretfully cannot offer personalised feedback on individual pitch submissions. Nevertheless, you can enhance your pitch or prepare for future submissions by participating in our expert sessions or exploring our published content on our blog.

Yes, you can electronically file through the FIRE system, often extending the deadline to March 31. Many tax software providers and e-filing services offer this option.

S corporations are pass-through entities, meaning profits and losses are passed to shareholders, who report them on their tax returns. Understanding these tax implications is essential.

FBAR requires reporting on various foreign financial accounts, including bank and investment accounts, and certain foreign retirement or pension accounts if they meet the reporting threshold.

Regardless of taxable income, every US-based domestic corporation must file tax Form 1120. 

The following entities fall under the obligation to file tax Form 1120:

1. Businesses opting for corporate taxation. These businesses must also complete Form 8832 and include a copy of Form 1120.
2. Limited liability companies (LLCs). LLCs file Form 1120 only if they've chosen corporate taxation. Partnership LLCs use Form 1065, while single-member LLCs typically file taxes through the owner's personal federal tax return.
3. Farming corporations. They are required to file Form 1120 to report their income/losses.
4. Corporations with an ownership interest in a FASIT (Financial Asset Securitization Investment Trust).
5. Foreign-owned domestic disregarded entities. If a foreign entity owns 100 percent of a domestic disregarded entity (D.E.), the D.E. is treated as separate from its foreign owner. The foreign entity must file Form 1120 and attach Form 5472.

Additionally, some types of corporations may need to complete additional forms, such as Form 1120 (Schedule N), for foreign operations in the U.S. Small corporations might not be required to fill out these additional forms. You can locate them by searching for "Form 1120" using the IRS Forms and Publications tool.

You can find Form 2553 and its instructions on the official IRS website. Additionally, tax professionals and software can guide you in completing the form.

Form 1040-ES estimates and pays your federal income taxes if you are not subject to withholding, such as self-employed individuals or those with significant additional income.

We ensure that data is backed up across multiple locations and can be retrieved within our recovery time objective if a failure does occur.

Additionally, we have a tested and detailed business continuity and disaster recovery plan in the event of a major disruption to one of our key service providers.

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C corporations can electronically file Form 926 through the IRS's Modernized e-File (MeF) system.