New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I’m a dual citizen (US and Other) and have just moved back to other country permanently.
I’m planning to start a small business (sole proprietor) where I buy goods from the States and sell over here.
My questions are:
1) Can I get an EIN number for my business from the IRS for when I want to file my US taxes, but use my international address?
2) I still have a US address where I have the goods I buy from online vendors in the States sent to before I ship overseas to sell. Is there any state sales tax I have to pay?
3) Do I need to trademark my business name in the US?
4) Since I’m a citizen in another country and the business is going to be local would it just be easier for me to register my company locally, file the local taxes and just use that to file my US tax return?
Thanks
Dear Olivia:
1) You can certainly obtain EIN using your Social Security Number and your foreign address.
2) Since you will sell abroad there is no sales tax that you need to collect from your buyers, however you might be paying sales tax of the goods you buy, if your seller is shipping from the state where your address is located. To prevent that you would need to obtain a reseller permit and present it to your supplier.
3) Since you are selling abroad and don’t do business in the US you might not need a US trademark. If you think that you might start selling in the US it could be a good idea to consider trademarking your brand in the US.
4) That is a tax related question, and I would recommend you to consult an accountant. Remember, taxes are paid on a personal level, and if you are a US citizen you would have to file your taxes in the US this way or another. Also, if you would be doing business in your country of residence you might need to register your company there regardless of whether you also register it in the US or not.
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