New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.

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Canadian owner, EIN and IRS Reporting

Asked by: simon  — 23 October, 2011

I am Canadian and I want to set up a LLC with a EIN in Delaware. In order to obtain an EIN, do I need to report my personal US income to the IRS, or is it only the US (Delaware) company that needs to report to the IRS?

Answered by: admin  — 23 October, 2011

Simon,

Once you have assets in the US (including shares or interest in US companies) you need to file personal tax return with the IRS.

So first you form a Delaware LLC and obtain an EIN for it, then when its time to file tax return you would do it for the company and for yourself (this is also when you will be able to obtain a personal tax ID, ITIN).

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