Why is Cleer the best choice for startup bookkeeping?

Even if you currently have minimal income and expenses, it pays to do it right from the right start. The Bootstrapping bookkeeping package is geared for the smallest startup to keep their books in order from day one, and make sure all tax obligations are met as you grow, year over year. This plan also provides you with a dedicated bookkeeper, quarterly reviews and an annual tax consultation.

Our Process

• We start with a consultation call to assess your particular needs and accounts, to create a custom chart of accounts based on your specific details.

• We set up your accounting tech stack for bookkeeping, payroll, expense management, invoicing, and recurring payments right from the beginning and have everything on a schedule, automatically.

• We deliver Financial Statements balanced monthly by the middle of the next month on a cash basis.

What’s Included?

• Monthly Bookkeeping – using Xero software, we produce a monthly P&L and Balance Sheets ready to show investors in easy-to-read, customizable reports. We help with quarterly tax payments, and 1099 filings.
• Fully Prepared Federal and State Taxes – Your next year’s tax return is included, as our team analyzes your financials to prepare accurate, optimized tax returns.
• Delaware Franchise Tax – Annual preparation and filing of this required report.
• Year-End Tax Planning Package – Access to one of our Tax Advisors who can help you strategize for next year and answer questions specific to your company.

Financial management tools for startups and bootstrapped companies

Are you ready to focus on your business and let someone else take on the burden of your tax and accounting compliance?

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Why is Cleer the best choice for startup accounting?

It pays to do it right from the right start. We created our We Do It For You package for startups at a critical stage of growth, where monitoring  income and expenses while maximizing cashflow and runway are crucial.  This plan provides you with a dedicated bookkeeper, quarterly reviews and unlimited tax consultations, to help you plan your growth and optimize your tax situation. We also make sure all tax obligations are met, year over year.

This plan covers bookkeeping for companies transacting with up to $25,000 in expenses and/or income per month, annual tax returns for federal taxes (including one form 5472 if needed), one state tax return, and one franchise tax return such as the Delaware Franchise Tax after one year or with annual plans, plus unlimited tax consultations to accommodate your changing situations.

Our Process

• We start with a consultation call to assess your particular needs and accounts, to create a custom chart of accounts based on your specific details.

• We set up your accounting tech stack for bookkeeping, payroll, expense management, invoicing, and recurring payments right from the beginning and have everything on a schedule, automatically.

• We deliver Financial Statements balanced monthly by the middle of the next month on a cash or accrual basis.

What’s Included?

• Monthly Bookkeeping – using Xero software, we produce a monthly P&L and Balance Sheets ready to show investors in easy-to-read, customizable reports. We help with quarterly tax payments, and 1099 filings.
• Fully Prepared Federal and State Taxes – Your next year’s tax return is included, as our team analyzes your financials to prepare accurate, optimized tax returns.
• Delaware Franchise Tax – Annual preparation and filing of this required report.
• Year-End Tax Planning Package – Access to one of our Tax Advisors who can help you strategize for next year and answer questions specific to your company.
• Unlimited Tax Consultations - Meet with one of our Tax experts to plan how to best optimize your accounting for tax savings.

In short, we do it for you!

Are you ready to focus on your business and let someone else take on the burden of your tax and accounting compliance?

Why is Cleer the best choice for startup accounting?

It pays to do it right from the right start. We created our Thriving package for startups with up to $200,000 in gross monthly expenses & income at a critical stage of growth, where monitoring  income and expenses while maximizing cashflow and runway are crucial.  This plan provides you with a dedicated bookkeeper, quarterly reviews and unlimited tax consultations, to help you plan your growth and optimize your tax situation. We also make sure all tax obligations are met, year over year.

This package is designed to optimize financial reporting while you scale – to keep you ready for the next fundraising round. This provides bookkeeping using US GAAP and tax standards for a very active subsidiary of a foreign company operating in the US or a US company and one foreign subsidiary for US tax.

• We can support accrual or cash-based accounting with this package, this also provides for conversion of foreign subsidiary books and year-end reports to conform US tax needs.

• Includes complex US tax returns such as a US corporate tax return (1120) containing a Form 5471 informational return of a foreign corporation, or a Foreign Owned Disregarded Entity tax return (1120 and 5472) plus either an 1040NR for an individual non-US owner, or form 1120F return for a foreign parent company, including protective returns or returns to claim a treaty-position.

• Includes up to 5 foreign accounts included on Form 8938 and FBAR. Cash or accrual basis accounting, includes allocations for transfers between related companies, support for breaking out income into US and foreign buckets for FDII, and unlimited consultation calls.

Our Process

• We start with a consultation call to assess your particular needs and accounts, to create a custom chart of accounts based on your specific details.

• We set up your accounting tech stack for bookkeeping, payroll, expense management, invoicing, and recurring payments right from the beginning and have everything on a schedule, automatically.

• We deliver easy-to-read Financial Reports & Statements balanced monthly by the middle of the next month on a cash or accrual basis.

What’s Included?

• Monthly Bookkeeping – using Xero software, we produce a monthly P&L and Balance Sheets ready to show investors in easy-to-read, customizable reports. We help with quarterly tax payments, and 1099 filings.
• Fully Prepared Federal and State Taxes – Your next year’s tax return is included, as our team analyzes your financials to prepare accurate, optimized tax returns. This includes foreign reporting requirements such as Form 5471, Form 8938 and 5 FBAR filings.
• Delaware Franchise Tax – Annual preparation and filing of this required report.
• Year-End Tax Planning Package – Access to one of our Tax Advisors who can help you strategize for next year and answer questions specific to your company.
• Unlimited Tax Consultations - Meet with one of our Tax experts to plan how to best optimize your accounting for tax savings.

We keep your business THRIVING!

Are you ready to focus on your business and let someone else take on the burden of your tax and accounting compliance?

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Our Kickstarter Package gives you a dedicated Finance Expert whom maintains your financial statements and monthly bookkeeping. PLUS your plan includes the Federal, State and Delaware Annual Filing for the next tax year. This plan also accommodates the complex accounting of a crowdfunding campaign.

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Here's what's included:

·      Expenses Per Month for <$50k -or- < 50 Transactions

·      Custom Chart of Accounts

·      Accrual Accounting

·      P&L & BS

·      Cashflow Statement

·      Burnrate Calculations

·      Invoicing/Billing/Quotes

·      Income Sourcing Best Practices

·      FDII Breakouts

·      COGS Categorization

·      Fraud Detection Tools

·      Receipt scanning multi language (Japanese, Chinese too)

·      Unlimited Consultations

·      Federal Tax Return

·      State Tax Return

·      Delaware Franchise Tax Filing

·      Form 5472

Why is Cleer the best choice for startup accounting?

CleerPATH (Prepetual Accounting & Tax Help) gets you on the road to success right from the start. This startup accounting package helps you maximize your business growth opportunities and increase investment potential. With the CleerPATH plan, you will have a dedicated bookkeeper, user-friendly Xero software subscription, and bi-annual accounting reviews with tax optimization support.

Our Process

1. We start with an onboarding call to set up your Xero software account (monthly fees included) and connect your bank accounts.
2. We give you checklists for monthly bookkeeping, reconciliation best practices, payroll set-up, independent contractors, expense management, invoicing, and recurring payments so you can schedule them automatically.
3. We schedule a bi-annual accounting review of your accounts and Financial Statements, to make sure things aren’t getting off-track. 
4. We review and help you export your annual financial statements to upload for tax filing. (internal T&C up to 100 fixes included)

What’s Included?

• Software set up – using your included Xero account, we help you connect to your bank account, and set up the chart of accounts.
• Bi-annual Reviews - Your accountant will review your statements bi-annually, to make sure the account is properly reconciled and categorized, so you can create P&L and Balance Sheets ready to show investors. 
• Regular Tax compliance - Setting up quarterly estimated tax payments and organizing information for independent contractor payments.
• Dedicated accountant - your dedicated accountant can answer basic questions on expense categorization and classification.
• Tax Optimization Support – Access to one of our expert startup tax advisors who can help you strategize for next year and minimize your tax liability.

NOTE: This plan does not include tax preparation. Tax package pricing is based on the volume of income and expenses.

Are you ready to get on the Cleer PATH to success? 

Sign up today and get the accounting support you need to help your business thrive. Please email us at hello@cleer.tax

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Why Is Cleer the best firm for Startup tax prep?

To qualify for the Startup Tax Return, your gross business revenue and expenses must be less than $5,000 for the tax year - not net or retained income.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional feesmay apply.

Our Growing corporate tax package for businesses with annual gross revenue and expenses of $5000-$150,000 includes preparing Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return (if required), and inclusion of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When complete, your accountant will send your return for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your secure folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

US Single-Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S.
• Preparation of Form 5472 (Foreign owners report).

Multi Owner:

• Preparation of Form 1065.
• Preparation of Schedule K-1s for up to four members.
• One State Income Tax Filing (if applicable).

*Please note: this is the base price for corporate tax preparation. Additional forms not included above and/or more complex tax situations may have additional fees.

Our Established corporate tax package for businesses that have gross revenue and expenses from $150,000- $900,000 includes the preparations of the Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return if required, and the preparation of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

This package includes:

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note: this is the starting price for corporate tax preparation. For additional forms not included above and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $5 Million Mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,900,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $10 million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).
  ‍

*Please note for more complex tax situations, additional fees may apply.

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How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

‍

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $400!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $2898 value for one flat-rate price of $2499.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($599 value)
• Form 5471 ($750 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $700!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3698 value for one flat-rate price.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($999 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

‍

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $500!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3998 value for one flat-rate price of $3499

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($1299 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Why Is Cleer the best firm for Startup tax prep?

To qualify for the Startup Tax Return, your gross business revenue and expenses must be less than $5,000 for the tax year - not net or retained income.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional feesmay apply.

Our Growing corporate tax package for businesses with annual gross revenue and expenses of $5000-$150,000 includes preparing Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return (if required), and inclusion of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When complete, your accountant will send your return for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your secure folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

US Single-Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S.
• Preparation of Form 5472 (Foreign owners report).

Multi Owner:

• Preparation of Form 1065.
• Preparation of Schedule K-1s for up to four members.
• One State Income Tax Filing (if applicable).

*Please note: this is the base price for corporate tax preparation. Additional forms not included above and/or more complex tax situations may have additional fees.

Our Established corporate tax package for businesses that have gross revenue and expenses from $150,000- $900,000 includes the preparations of the Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return if required, and the preparation of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

This package includes:

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note: this is the starting price for corporate tax preparation. For additional forms not included above and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $5 Million Mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,900,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $10 million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).
  ‍

*Please note for more complex tax situations, additional fees may apply.

‍

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

‍

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $400!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $2898 value for one flat-rate price of $2499.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($599 value)
• Form 5471 ($750 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $700!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3698 value for one flat-rate price.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($999 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

‍

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $500!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3998 value for one flat-rate price of $3499

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($1299 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Why Is Cleer the best firm for Startup tax prep?

To qualify for the Startup Tax Return, your gross business revenue and expenses must be less than $5,000 for the tax year - not net or retained income.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional feesmay apply.

Our Growing corporate tax package for businesses with annual gross revenue and expenses of $5000-$150,000 includes preparing Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return (if required), and inclusion of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When complete, your accountant will send your return for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your secure folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

US Single-Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S.
• Preparation of Form 5472 (Foreign owners report).

Multi Owner:

• Preparation of Form 1065.
• Preparation of Schedule K-1s for up to four members.
• One State Income Tax Filing (if applicable).

*Please note: this is the base price for corporate tax preparation. Additional forms not included above and/or more complex tax situations may have additional fees.

Our Established corporate tax package for businesses that have gross revenue and expenses from $150,000- $900,000 includes the preparations of the Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return if required, and the preparation of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

This package includes:

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note: this is the starting price for corporate tax preparation. For additional forms not included above and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $5 Million Mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,900,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $10 million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).
  ‍

*Please note for more complex tax situations, additional fees may apply.

‍

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

‍

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $400!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $2898 value for one flat-rate price of $2499.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($599 value)
• Form 5471 ($750 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $700!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3698 value for one flat-rate price.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($999 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

‍

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $500!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3998 value for one flat-rate price of $3499

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($1299 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Why Is Cleer the best firm for Startup tax prep?

To qualify for the Startup Tax Return, your gross business revenue and expenses must be less than $5,000 for the tax year - not net or retained income.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional feesmay apply.

Our Growing corporate tax package for businesses with annual gross revenue and expenses of $5000-$150,000 includes preparing Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return (if required), and inclusion of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When complete, your accountant will send your return for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your secure folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

US Single-Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S.
• Preparation of Form 5472 (Foreign owners report).

Multi Owner:

• Preparation of Form 1065.
• Preparation of Schedule K-1s for up to four members.
• One State Income Tax Filing (if applicable).

*Please note: this is the base price for corporate tax preparation. Additional forms not included above and/or more complex tax situations may have additional fees.

Our Established corporate tax package for businesses that have gross revenue and expenses from $150,000- $900,000 includes the preparations of the Form 1120 –Federal C-Corp filing or Form 1120-S for S-Corporations, one State tax return if required, and the preparation of Form 5472 for companies with foreign ownership.

Here is what to expect from our simple, paperless process:

• Fill out our simple tax questionnaire.
• Upload your documents to your private, secure folder.
• Your dedicated tax accountant will review your financial statement and documents.
• When your return is complete, your accountant will send a secure link for your review.
• Your return is e-filed with the IRS, and confirmation is stored in your folder.

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

This package includes:

US Single Owner/Sole Proprietor:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120/1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note: this is the starting price for corporate tax preparation. For additional forms not included above and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $5 Million Mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,900,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).

*Please note this is the starting price for corporate tax preparation. For additional forms and more complex tax situations, additional fees may apply.

Congratulations!  Your business has reached the $10 million mark!  What does that mean from a tax perspective?  More complicated transactions, transfer pricing reports, loan agreements and more due diligence, as the IRS audit rate of businesses over the million mark jumps into double digits.

Our Million Mark Tax Package is the best tax package for complete compliance for C-Corps, S-Corps, or LLCs with annual revenue and expenses of $1,000,000 or more.  This full-service tax package includes Form 1120 – Federal C-Corp filing or Form 1120-S for S-Corporations, State tax return, and preparation of Form 5472 for companies with foreign ownership.

As each business is unique, your tax package includes a one-on-one tax compliance review and checklist to make sure that all the requirements are met for a more complex business.

Here is what to expect from our simple, paperless process:

• Fill our simple tax questionnaire
• Schedule your one-on-one tax strategy session
• Upload your documents to your private, secure folder
• Your dedicated tax accountant will review your financial statement and documents 
• Review your return on a secure link and sign the e-file authorization
• View your confirmation of the e-filing with the IRS in your folder 

That’s it!  While it may sound impossible, Cleer makes the process of filing your US business taxes as simple as possible.

What’s Included in your package:

One-on-one consultation

Federal and State Return

US Single Owner/Sole Proprietor:•Preparation of Form 1040:

• Preparation of Form 1040
• Preparation of Schedule C
• One State Income Tax Filing (if applicable).

Foreign Single Owner/Sole Proprietor:

• Preparation of Form 1120 or 1120-S
• Preparation of Form 5472 (Foreign owners report)

Multi Owner:

• Preparation of Form 1065
• Preparation of Schedule K-1s for up to four members
• One State Income Tax Filing (if applicable).
  ‍

*Please note for more complex tax situations, additional fees may apply.

‍

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

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The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

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For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

‍

How do I file a final tax return with the IRS?

The final tax return for a C-Corp or LLC is due 3 and half months after the month the company legally dissolved with the state of incorporation. Additionally, Form 966 is required to be filed forCorporations within 30 days of dissolution, and a letter must be sent to the IRS to relinquish use of the EIN number. You also have to show all debts to the tax agencies are satisfied.

Sound complicated? No worries! Our Final Return Package makes filing as simple and inexpensive aspossible, based on your level of income and expense transactions. The package includes:

• Extension filing, if waiting for articles of dissolution.
• Tax Filings – 1120 or 1065, one State, and Form 5472, if required
• Form 966 (required for C-Corps only)
• EIN Cancellation Letter
• Form 982 – Discharge of Debt
  ‍

Beware of Hidden Requirements When Dissolving A Corporation

Many states will block a corporation from closing unless they are up to date on their filings. For example, Delaware requires all Franchise Tax Annual Reports to be filed, and California required minimum tax for each year to be paid. Also, any income received after the company closes requires an unincorporated business tax filing, so make sure you cease all activities after dissolution.

Informational returns can be another stumbling point. If dividends or other payouts were made from earnings and profits, then reporting these transactions on 1099-DIV or 1042-S is required.Repayments of loans could trigger requirements for 1099-INT filings. These returns are typically dueJanuary 31st the year after dissolution, but may have withholding requirements, so it is smart to discuss with an accountant experienced in dissolution prior to making payments.

There are also lots of other little landmines to avoid. SAFE notes remaining unpaid at dissolution don’t automatically cancel, and can lead to cancellation of debt income if there are not sufficient losses on the books to offset this. Debt income reporting depends on the terms of the agreement, so please share these agreements with your tax accountant. Sign up for a consultation (LINK) if you think any of these issues apply to your situation.

‍

The Easiest Way to File Final Tax Returns for a Corporation or LLC

At Cleer, we make it easy to wind everything up and have the peace of mind that all these details were taken care of and filed correctly. We prepare your final C-Corp or LLC tax return, one state return, Form 966 (required within 30 days of dissolution for C-Corps), and your EIN cancellation letter upon Federal return submission, all included in the Final Tax Return Package. We also offer an extension at no additional cost, as sometimes it can take weeks to get the Certificate of Dissolution from your State.

If you need legal help with the dissolution requirements, we have legal partners we can refer you to, who offer a discounted package to guide our clients through the dissolution process, such as board resolutions and articles of dissolution. You can email Customer Success for a referral.

It’s important to note that a company must be up to date on all tax filings in order to dissolve. We can help you with your prior years’ tax returns, financial statements or getting your books up to date with our Look back Bookkeeping Service to get months or years of books ready for filing.

‍

For more information on the dissolution process, read our blog post How To Dissolve YourCorporation in Seven Steps.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $400!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $2898 value for one flat-rate price of $2499.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($599 value)
• Form 5471 ($750 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $700!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3698 value for one flat-rate price.

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($999 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

‍

Tax Filing Peace of Mind for US Companies with Foreign Interests

Business knows no boundaries these days in our Global economy as many US Companies and persons have assets and business interests abroad.  One thing that is not so exciting about holding these foreign assets are the IRS implications and reporting. In addition to the tax return filing, these forms  and requirements have become substantially more complex in the last few decades with the advent of the Department of Homeland Security, and require additional compliance and attention to detail to prevent penalties.

That’s why we created our Foreign Subsidiary Package, to make sure US companies with foreign assets, interests or transactions do not have to navigate all of the additional forms - Form 5471, Form 926 for transfers of tangible or intangible property to a foreign corporation, Form 8992 for GILTI (global intangible low-taxed income), Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) - ALL INCLUDED with the tax return. We make sure you will be fully compliant with the IRS, in one discounted bundle – with savings of up to $500!

Worry-Free Discounted Bundle

Included in this package is everything you need to meet all the IRS requirements, so there are no surprises when it’s time to file. You get a $3998 value for one flat-rate price of $3499

WHAT’S INCLUDED

• Federal Tax Return with Form 5471 & State income tax return ($1299 value)
• Form 5471 ($1150 value)
• Form 926 for transfers of tangible or intangible property to a foreign corporation ($500 value)
• Form 8992 for GILTI (global intangible low-taxed income) ($250 value)
• Form 8938 or FBAR (FinCEN Form 114 filed directly with the Financial Crimes Enforcement Network) ($300 value)
• BE-12 Foreign Investment Survey filing ($499 value, available up until June 30th, 2023)

Please note that Form 5471 is extremely time intensive to prepare, and returns can be over 75 pages. Thus, the turnaround time is a minimum of six weeks from submission of documents until completion. Typically, we do not start the extensive preparation on these returns between January up until after the April tax deadline.

If you need your return faster for a particular reason, please reach out to our Customer Success Accountant team for assistance at hello@cleer.tax.

Who has to file Delaware Franchise Tax?

Any Company incorporated in the State of Delaware, regardless of ownership, must file every year on March 1st, or receive an automatic $200 penalty. Delaware assesses an annual franchise tax for the privilege of doing business in the state. This return or "Annual Report" must be filed by March 1st with the state of Delaware each year, regardless on income or activity, as long as the business is registered in the state.

Why is Cleer the best accountant to prepare Delaware Franchise Tax?

Many company owners find the calculations on the Delaware forms confusing, as it involves number of shares issued and held by the company. Cleer makes it simple, and can advise companies on the best way to set up your shares. We prepare this report for you, making sure you stay compliant with the State.  However, the Franchise tax owed and Delaware Annual Report filing fee are not included, and are paid directly on the State's website.

How Do I File Delaware Franchise Tax?

We make purchasing your Annual Report easy. After registration, a link will be sent to complete our simple questionnaire. When we receive it, we assign one of our experienced Delaware Franchise Tax prep specialists, whom may ask for additional information. Once the form is prepared, you will receive a link to the Delaware website to pay the filing fee and tax due with your credit card or bank account.

PLEASE NOTE purchases made after 2/27 may not make the March 1 deadline.

Get dedicated, one-on-one access to our expert accountants and find out answers to some of your most critical business tax questions. This price includes a 30 minute phone call with an accountant and 30 minutes of accountant research and/or prep work, based on the information provided in your questionnaire.

After your registration, you will be provided with a link to a questionnaire, and at the end, access to a calendar to schedule your 30-minute consultation, at your convenience, with one of our IRS-registered Enrolled Agents. After the consultation with your personal tax expert, a personalized plan and next steps will be recommended based on your specific needs and issues.

Tax Questions? Answered.

One-on-one access to an expert accountant to help you plan your startup’s financial future. Book a one-on-one consultation to ask the difficult questions and find the right solution for your business.

Tax answers designed for you

Not only are our accountants CPAs and IRS Enrolled Agents, but they also have years of experience working with business owners around the world.

Knowledge

Tax laws constantly change. Find out how the latest legislation affects you.

Expertise

Tax is complicated. Find out the answers to your most critical tax questions.

Customized

Bespoke solutions based on your structure, industry, size, and growth goals.

Convenience

Schedule your video call when you need it from wherever you are. 

Clarity

Business taxes explained in simple terms with actionable next steps.

Privacy

Advanced tools and practices to ensure confidentiality of your data.

Why should I file for R&D Tax Credits?

Research and Development Credits are the most lucrative tax credit for startups, largely because they are claimed against U.S.payroll taxes. This gives an immediate cashflow benefit, even when no income taxes are due.  We offer R&D Tax Credits preparation service for a low flat-rate fee of $1500 for up to five qualifying workers, then just $100 per additional employee or independent contractor. This can provide tens of thousands of dollars in savings over percentage-based credit services.

This flat-fee structure allows us to meet the stringent IRS due diligence requirements, in order that our clients reap the full benefit of this tax credit while documenting qualifications for the credit in advance of filing. GBS reviews business processes and development expenditures in detail, to ensure our clients actually receive the credit they applied for, without disqualifications. We not only add value for the return, but also accuracy and integrity.

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Why is Cleer the best accountant to prepare my R&D Tax Credit?

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Many other companies offer R&D credits with SaaS-generated reports without any professional oversight. These companies provide inflated credits with low accuracy rates, and fees charged on a contingency basis- upwards of 20% of the promised credit! This leads to both high fees and an extreme risk of audit, taking advantage of companies who need these tax breaks to fuel innovation. At Cleer, we guarantee that your R&D Credit Report is prepared with personal care by a qualified tax accountant, and reviewed by a CPA or Enrolled Agent. Get the best of both worlds- the tax credit you deserve, and peace of mind it was prepared correctly.

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We stand by our process. In fact, if during the due diligence process we discover that you are not, in fact, eligible for the R & D tax credit, we will give you a full refund. That's how committed we are to serving the best interests of our clients.

BE-12:   The Mandatory Survey Filing Required by All Businesses in 2023

The BE-12 is like a census of all US companies to collect general foreign investment information on a vast cross-section of businesses. This survey is conducted every five years and, unlike the quarterly and annual versions, the BE-12 is mandatory to file regardless of whether the company is notified by the BEA. However, the BE-12 Benchmark Survey is geared towards smaller companies.  

All entities with more than 10% foreign ownership or interests at the end of the year in 2022 must file the BE-12, including ecommerce sites that distribute products digitally, and partnerships with real estate held for non-personal use. Every 5 years, each US business with foreign owners or investors that was an active business in 2022 is required to file this survey by May 31, 2023.  The penalties for not filing can be civil penalties of $2,500 to $25,000, as well as a criminal penalty of $10,000.  Don’t worry - we can file for you for only $499.  ‍

Overwhelmed by yet another filing requirement? Need help with filing the BE-12?‍

We can help!  For only $499, we can file your BE-12, as one of four forms is required (depending on your business criteria).  Even if you are exempt from filing, you need to file the form “BE-12 Claim for Not Filing”.  Therefore, the form should still be filed to indicate that you are not required to file the form!‍

Just purchase the survey filing for $499, fill out a simple questionnaire and we’ll take care of it for you.  If we are preparing your taxes, we will have most of the information to complete the survey for you – without any hassle.

BE-12 FAQ

What is the Bureau of Economic Analysis (BEA) BE-12 Benchmark Survey?

The BE-12 is BEA's benchmark survey of foreign direct investment in the United States, which is conducted every five years.  It is like a census for foreign investment in US businesses. The BEA generates statistics on foreign-owned business activities in the US to analyze the impacts of those investments on jobs, wages, productivity and taxes.

This survey is mandatory for companies with more than 10% foreign ownership.  The Bureau of Economic Analysis (BEA) conducts surveys on US investment abroad and direct foreign investment to prepare official economic statistics for the US Government.   The BEA conducts regular surveys that require transaction-related, quarterly, annual, and benchmark filings.

Is my company required to file the BE-12 benchmark survey?

All entities with more than 10% foreign ownership or interests at the end of the year in 2022 must file, including ecommerce sites that distribute products digitally, and partnerships with real estate held for non-personal use. 

I do not meet BE-12 filing requirements. Do I have to file a survey?

Even if you do not meet the criteria, you still have to file the BE-12 “Claim for Not Filing” form - a form to say you’re not required to file!  If you were notified by BEA to file a BE-12 survey, but your business does not meet the filing requirements, the BE-12 “Claim for Not Filing” must be submitted.  

What if I file the annual BE-15?  Do I need to file the BE-12 as well?

Businesses that file a BE-15 annual survey will file the BE-12 instead for 2022. 

Each US Business must file one of four different forms, based on these criteria:

Form BE-12A - U.S. entities with 50% or more ownership by foreign parents with total assets, sales or operating revenues exceeding $300 million at the end of 2022. 

Form BE-12B - U.S. entities with 50% or more ownership by foreign parents with total assets, sales or operating revenues from $60 - $300 million at the end of 2022. 

Form BE-12C - U.S. entities with 10% or more ownership by foreign parents with total assets, sales or operating revenues not exceeding $60 million at the end of 2022.

Form BE-12 Claim for Not Filing - For either (1) a U.S. affiliate that consolidated into or merged with another U.S. affiliate, OR (2) an entity that is not directly or indirectly foreign-owned or has foreign combined shareholding of less than 10%

What if I don't file or miss the deadline?  Receive a notice from the BEA about the BE-12?  

A civil penalty can be imposed of between $2,500 and $25,000 as well as a criminal penalty of $10,000.  If you have incorporated in the last 5 years then this requirement may be new to you, and there may be relief available for failure to file if you were unaware of your requirements. We can help both to file the report and assist with resolving any issues that might arise from filing late reports. 

Q: Why should I choose Cleer's BE-12 filing service?

A: At Cleer, we understand the complexities and importance of BE-12 reporting, and our team of experts is committed to ensuring accurate and timely submissions. We provide a comprehensive service that includes information gathering, BE-12 form preparation, and e-filing. Our system is designed to streamline the filing process and minimize the risk of errors or penalties. Additionally, our competitive pricing and responsive customer support make us a top choice for businesses of all sizes.

Q: How much does Cleer's BE-12 filing service cost?

A: Our pricing varies based on the complexity of your business and reporting requirements. We offer competitive pricing and a transparent fee structure, with no hidden costs or surprises. Contact us today for a personalized quote and to learn more about our pricing options.

Q: How do I get started with Cleer's BE-12 filing service?

A: Getting started with Cleer is easy! Simply contact us via our website or phone to discuss your business needs and to receive a personalized quote. Once you sign up, our team will guide you through the information gathering process and prepare your BE-12 form for submission. We also provide regular updates on the status of your submission and are available to answer any questions you may have along the way.

Q: What if I already filed my BE-12 form and made a mistake?

A: If you have already filed your BE-12 form and made a mistake, it's important to correct the error as soon as possible to minimize potential penalties. Cleer's team of experts can help you identify and correct any errors, and we can also provide guidance on how to avoid similar mistakes in the future.

Q: Can Cleer help with other compliance reporting requirements?

A: Yes! In addition to BE-12 filing, Cleer offers a variety of compliance reporting services to help businesses stay on top of their regulatory obligations. Contact us today to learn more about our full range of services.

Guarantee

At Cleer, we are confident in the quality of our BE-12 filing service and the expertise of our team. We stand behind our product and are committed to your satisfaction. That's why we offer a 100% money-back guarantee. If you are not completely satisfied with our service for any reason, please let us know within 30 days of your purchase and we will issue a full refund. Additionally, we offer a warranty on all of our services to ensure that you are completely satisfied with the accuracy and timeliness of your BE-12 filing. With Cleer, you can trust that your business's compliance needs are in good hands.

If you are unsure if you meet the filing requirements, we can help at hello@cleer.tax.

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83(b) Elections

Being a founder of a startup is exciting.  Even more exciting is receiving stock or shares in the company you expect to grow and be successful.  When receiving stock via a vesting agreement, the amount that vests each year will be treated as compensation, unless an 83(b) election is made.

We can help you file your 83(b) election, or correct some common errors made in those elections.  Here are some common questions and remedies in filing.

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83(b) Election Help and FAQ

What is an 83(b) election and why do I need it?

Making an 83(b) election allows you to be taxed on the current value upon signing the share issuance contracts, which can save the shareholders and company both substantial money by reducing annual earnings as the company becomes successful, and prevent the company having to get regular 409(a) valuations to set value for that compensation. 

Do foreign founders need to file 83(b) elections?

The 83(b) election creates US compensation, which means that unless you live in the US, or are a US citizen, this will not create wage-type income based on the vesting of the shares. However, it is still recommended for foreign founders to file if they plan to move to the US during the vesting period, or if they live in a country that might treat this vesting of shares as income in their country of residence. 

What IRS form is used to file the 83(b) election?

There is no IRS form 83(b) and instead this election is filed in a letter format. Since there is only a 30 day period to file the 83(b) election with the IRS, it is best to get professional help quickly to get this filed.

Our new company package can help you start your company right from the start - and not just with elections.  You get a consultation, an entrepreneurs group membership, the elections, a cloud accounting software subscription with Xero and cap table set up.

What is the due date for filing the 83(b) election?

The primary pitfall most founders don’t realize is that they only have 30 days from signing the share issuance/vesting agreement to make that decision, they can’t wait and make this decisions at tax time.  Failure to file within 30 days can have significant tax consequences.   You may want to discuss the pros and cons of making an 83(b) election with us before you do so, or maybe you recently realized you made a mistake.  Either way, we can help you avoid or fix these common errors, though some are easier to fix than others.

What do I do if I missed the deadline to file my 83(b) election?

This is probably the most common error, and the hardest to fix.  Founders have a million things to look after, and filings are the thing most founders don’t think about until the end of their fiscal year, not when shares are received.  Everyone knows you pay tax at the end of the year, right?  This is the one case that does not apply and decisions have to be made promptly.    

If the company has not yet earned any income or received investment then you may be able to accelerate the vesting and issue the full amount of shares while the company still has no inherent value. If a vesting arrangement really is necessary, like for multiple founders, then sometimes it is best to close the company and launch a new entity, before there is value. Every situation is unique, which is why we recommend a consultation to explore your options, which depends on the financials of the business.  If it looks like business is booming, you can explore a path to take advantage of that with one of our advisors.   

What if the form was filed incorrectly or was missing information?

Many small errors can be corrected by sending a letter to the IRS explaining what was incorrectly relayed. Our Resolution specialist can review your election, and work with the IRS to file an updated form with complete information and corrections, as long as there are no material changes. However, we need to review what was filed first, before advising you on a possible solution. 

I didn’t realize I only had 30 days to file the 83(b) election after I got my stock agreement. What do I do now? 

Depending on the value of the company now, the relationship between the founders, and your path going forward there may be solutions. Often stock issuance can be accelerated in order to make it fully issued, and get rid of the increased compensation risks.  The best option may be to do nothing, but that requires a conversation based on your situation. We recommend a consultation to explore your options, as there are pros and cons to each solution.  Some paths are more difficult than others.

We filed the 83(b) election but need to complete additional information.  Is that possible?

Some non-material errors in 83(b) elections can be corrected, but others cannot. Our Resolution specialist can review your election and work with the IRS to help you file an updated form with more complete information and make basic corrections. Or we can advise you on how else best to move forward.

What if we made a mistake on the 83(b) election form?

It is important to act quickly to take steps to correct this as soon as possible to minimize tax consequences and avoid confusion with the IRS. First, contact us at hello@cleer.tax so that we may review your form.  We may need a consultation to discuss the scope and the impact of the error and advise you on the best course of action.

If the mistake or omission does not affect the substance of the election, we may be able to correct the error by amending the form. We can submit a corrected copy of the form to the IRS, along with a letter explaining the correction, and possibly follow up with a phone call with our Resolution Service.

I filed the 83(b) Election but I changed my mind?  Can I cancel it?

Once made, 83(b) elections are irrevocable. For most startups, this is not a problem because they still have zero value in the company at the time of making the 83(b) election, and therefore the election doesn’t have a tax consequence. Unfortunately though, if this election is made when there is a taxable amount to pay, there is no way to revoke this, and even if the stock does not vest, the tax is still due on that amount. 

Though revoking the election is not possible, you often can reduce tax in other ways, such as by offsetting this tax with other losses from that business investment

How do I make sure 83(b) is filed correctly?

At Cleer we are here to help founders from the start.  Our 83(b) filing service can be purchased separately for each founder. Or our new company package includes a consultation, an entrepreneurs group membership, the elections, a cloud accounting software subscription with Xero, and cap table set up. Companies have a 79% success rate in their first year, but with a Xero subscription to track your finances, that success rate jumps to 93%! to learn more, email hello@cleer.tax.

ITIN Application Help & FAQ

Do you pay US tax, or are you required to file a 1040 NR (non-resident), but don’t have a tax ID yet?  Everyone needs a tax ID to file with the IRS, but if you are a non-US citizen and don’t qualify for a Social Security Number it can feel very difficult. However, this often is easy to solve because an Individual Taxpayer Identification Number (ITIN) can be applied for at the same time you file your 1040NR.

Non-US citizens or residents who have US-sourced income are required to file US tax returns, typically on Form 1040 or Form 1040NR, need an ITIN if they are not eligible for a Social Security Number.  We can help you file your form W-7 to get your ITIN, and complete the 1040NR in one package.  If you need an ITIN to file your 1040NR, you can purchase the discounted package HERE for $799

If you are not sure if you qualify for an ITIN, read our ITIN FAQ below to see if you need to apply, or email us at hello@cleer.tax.  

ITIN & 1040NR FAQ

Who needs to file Form 1040NR?

The Form 1040NR (U.S. Nonresident Alien Income Tax Return) is a specific tax form for nonresident aliens who have income earned in the United States. You may need to file Form 1040NR if you are a nonresident alien and:

1. Engaged in a trade or business in the United States during the tax year, even if you had no income from that trade or business, or your income was exempt from U.S. tax under a tax treaty.
2. Received income from U.S. sources that are not effectively connected with a U.S. trade or business and are subject to withholding at the source.
3. Received income from U.S. sources that is effectively connected with a U.S. trade or business, such as wages, salaries, or business profits.
4. You are a representative or agent responsible for filing the return of a nonresident alien individual, fiduciary, or partnership.

There are certain exceptions and more specific rules related to various types of income and situations that your tax accountant can discuss with you.

Do I need an ITIN to file 1040NR?

Yes, you need an Individual Taxpayer Identification Number (ITIN) to file Form 1040NR if you are a nonresident alien and do not have, or are not eligible for, a Social Security Number (SSN). 

To apply for an ITIN,  Form W-7 (Application for IRS Individual Taxpayer Identification Number) must be submitted along with your Form 1040NR and any required supporting documentation. The IRS will then assign you an ITIN, which you can use for future tax filing and reporting requirements.

What is an ITIN?

An ITIN, or Individual Taxpayer Identification Number, is a tax ID number issued by the IRS for individuals who are filing US tax, but who do not have or are not eligible for a Social Security number (SSN), the Tax ID for US taxpayers.

Who Needs an ITIN?

Non-US residents or citizens who are required to file US Tax returns such as Form 1040 (resident/citizen) or Form 1040NR (non-resident), need an ITIN.  

Examples of who would typically need an ITIN include:

• Nonresident (NR) alien individuals who are required to file a U.S. tax return
• U.S. resident aliens who are required to file a U.S. tax return
• Nonresident alien employees of U.S. government agencies or international organizations
• Spouses of US citizens or green card holders that are required to file tax returns and want to include their spouse on a joint return or as a dependent

If you are planning on forming a US corporation from outside the US or are a non-US citizen responsible for your US-based company’s tax compliance, it’s a good idea to apply well in advance, as it can take several weeks for the ITIN to be issued.

How do I apply for an ITIN?

To apply for an ITIN, you have to complete and submit Form W-7 or “Application for IRS Individual Taxpayer Identification Number”. Along with the completed form, you will need to provide documentation that proves your identity and foreign status.  

Please note only original identification documents or certified copies of the documents from the issuing agency will be accepted.

What documents are required in my application?

You need to provide a certified copy of your passport from the issuing agent that is mailed with the documents. Please note only original identification documents or certified copies of the documents from the issuing agency will be accepted.  You need to go to your government or passport office to have your documents certified or notarized.  The IRS will not accept documents notarized by a third party, such as a lawyer, bank or Notary Public.

How long does it take for the IRS to process my application and issue my ITIN?

While the IRS can be unpredictable in their processing times, if your application is complete, documents are accepted and it is approved, you will receive a letter from the IRS with your number usually in about seven weeks.  It will take up to 11 weeks during peak tax season, which is why it is important to apply before you need it immediately.

 However, since the ITIN application is filed with the tax return normally this is not a problem as the documents are submitted prior to receiving the number. But be sure that when you receive your ITIN in the mail you keep the number in a safe place, as you will need it next year.  

I think my ITIN expired. Can I just renew my ITIN online?

Unfortunately, going online and renewing your ITIN is not possible.  You have to apply again and submit a new Form W-7, provide your latest US federal tax return along with your valid supporting original or copies of your ID documents, certified by the issuer.

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Who has to file Delaware Franchise Tax?

Any Company incorporated in the State of Delaware, regardless of ownership, must file every year on March 1st, or receive an automatic $200 penalty. Delaware assesses an annual franchise tax for the privilege of doing business in the state. This return or "Annual Report" must be filed by March 1st with the state of Delaware each year, regardless on income or activity, as long as the business is registered in the state.

Why is Cleer the best accountant to prepare Delaware Franchise Tax?

Many company owners find the calculations on the Delaware forms confusing, as it involves number of shares issued and held by the company. Cleer makes it simple, and can advise companies on the best way to set up your shares. We prepare this report for you, making sure you stay compliant with the State.  However, the Franchise tax owed and Delaware Annual Report filing fee are not included, and are paid directly on the State's website.

How Do I File Delaware Franchise Tax?

We make purchasing your Annual Report easy. After registration, a link will be sent to complete our simple questionnaire. When we receive it, we assign one of our experienced Delaware Franchise Tax prep specialists, whom may ask for additional information. Once the form is prepared, you will receive a link to the Delaware website to pay the filing fee and tax due with your credit card or bank account.

PLEASE NOTE purchases made after 2/27 may not make the March 1 deadline.

Get dedicated, one-on-one access to our expert accountants and find out answers to some of your most critical business tax questions. This price includes a 30 minute phone call with an accountant and 30 minutes of accountant research and/or prep work, based on the information provided in your questionnaire.

After your registration, you will be provided with a link to a questionnaire, and at the end, access to a calendar to schedule your 30-minute consultation, at your convenience, with one of our IRS-registered Enrolled Agents. After the consultation with your personal tax expert, a personalized plan and next steps will be recommended based on your specific needs and issues.

Tax Questions? Answered.

One-on-one access to an expert accountant to help you plan your startup’s financial future. Book a one-on-one consultation to ask the difficult questions and find the right solution for your business.

Tax answers designed for you

Not only are our accountants CPAs and IRS Enrolled Agents, but they also have years of experience working with business owners around the world.

Knowledge

Tax laws constantly change. Find out how the latest legislation affects you.

Expertise

Tax is complicated. Find out the answers to your most critical tax questions.

Customized

Bespoke solutions based on your structure, industry, size, and growth goals.

Convenience

Schedule your video call when you need it from wherever you are. 

Clarity

Business taxes explained in simple terms with actionable next steps.

Privacy

Advanced tools and practices to ensure confidentiality of your data.

Why should I file for R&D Tax Credits?

Research and Development Credits are the most lucrative tax credit for startups, largely because they are claimed against U.S.payroll taxes. This gives an immediate cashflow benefit, even when no income taxes are due.  We offer R&D Tax Credits preparation service for a low flat-rate fee of $1500 for up to five qualifying workers, then just $100 per additional employee or independent contractor. This can provide tens of thousands of dollars in savings over percentage-based credit services.

This flat-fee structure allows us to meet the stringent IRS due diligence requirements, in order that our clients reap the full benefit of this tax credit while documenting qualifications for the credit in advance of filing. GBS reviews business processes and development expenditures in detail, to ensure our clients actually receive the credit they applied for, without disqualifications. We not only add value for the return, but also accuracy and integrity.

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Why is Cleer the best accountant to prepare my R&D Tax Credit?

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Many other companies offer R&D credits with SaaS-generated reports without any professional oversight. These companies provide inflated credits with low accuracy rates, and fees charged on a contingency basis- upwards of 20% of the promised credit! This leads to both high fees and an extreme risk of audit, taking advantage of companies who need these tax breaks to fuel innovation. At Cleer, we guarantee that your R&D Credit Report is prepared with personal care by a qualified tax accountant, and reviewed by a CPA or Enrolled Agent. Get the best of both worlds- the tax credit you deserve, and peace of mind it was prepared correctly.

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We stand by our process. In fact, if during the due diligence process we discover that you are not, in fact, eligible for the R & D tax credit, we will give you a full refund. That's how committed we are to serving the best interests of our clients.

BE-12:   The Mandatory Survey Filing Required by All Businesses in 2023

The BE-12 is like a census of all US companies to collect general foreign investment information on a vast cross-section of businesses. This survey is conducted every five years and, unlike the quarterly and annual versions, the BE-12 is mandatory to file regardless of whether the company is notified by the BEA. However, the BE-12 Benchmark Survey is geared towards smaller companies.  

All entities with more than 10% foreign ownership or interests at the end of the year in 2022 must file the BE-12, including ecommerce sites that distribute products digitally, and partnerships with real estate held for non-personal use. Every 5 years, each US business with foreign owners or investors that was an active business in 2022 is required to file this survey by May 31, 2023.  The penalties for not filing can be civil penalties of $2,500 to $25,000, as well as a criminal penalty of $10,000.  Don’t worry - we can file for you for only $499.  ‍

Overwhelmed by yet another filing requirement? Need help with filing the BE-12?‍

We can help!  For only $499, we can file your BE-12, as one of four forms is required (depending on your business criteria).  Even if you are exempt from filing, you need to file the form “BE-12 Claim for Not Filing”.  Therefore, the form should still be filed to indicate that you are not required to file the form!‍

Just purchase the survey filing for $499, fill out a simple questionnaire and we’ll take care of it for you.  If we are preparing your taxes, we will have most of the information to complete the survey for you – without any hassle.

BE-12 FAQ

What is the Bureau of Economic Analysis (BEA) BE-12 Benchmark Survey?

The BE-12 is BEA's benchmark survey of foreign direct investment in the United States, which is conducted every five years.  It is like a census for foreign investment in US businesses. The BEA generates statistics on foreign-owned business activities in the US to analyze the impacts of those investments on jobs, wages, productivity and taxes.

This survey is mandatory for companies with more than 10% foreign ownership.  The Bureau of Economic Analysis (BEA) conducts surveys on US investment abroad and direct foreign investment to prepare official economic statistics for the US Government.   The BEA conducts regular surveys that require transaction-related, quarterly, annual, and benchmark filings.

Is my company required to file the BE-12 benchmark survey?

All entities with more than 10% foreign ownership or interests at the end of the year in 2022 must file, including ecommerce sites that distribute products digitally, and partnerships with real estate held for non-personal use. 

I do not meet BE-12 filing requirements. Do I have to file a survey?

Even if you do not meet the criteria, you still have to file the BE-12 “Claim for Not Filing” form - a form to say you’re not required to file!  If you were notified by BEA to file a BE-12 survey, but your business does not meet the filing requirements, the BE-12 “Claim for Not Filing” must be submitted.  

What if I file the annual BE-15?  Do I need to file the BE-12 as well?

Businesses that file a BE-15 annual survey will file the BE-12 instead for 2022. 

Each US Business must file one of four different forms, based on these criteria:

Form BE-12A - U.S. entities with 50% or more ownership by foreign parents with total assets, sales or operating revenues exceeding $300 million at the end of 2022. 

Form BE-12B - U.S. entities with 50% or more ownership by foreign parents with total assets, sales or operating revenues from $60 - $300 million at the end of 2022. 

Form BE-12C - U.S. entities with 10% or more ownership by foreign parents with total assets, sales or operating revenues not exceeding $60 million at the end of 2022.

Form BE-12 Claim for Not Filing - For either (1) a U.S. affiliate that consolidated into or merged with another U.S. affiliate, OR (2) an entity that is not directly or indirectly foreign-owned or has foreign combined shareholding of less than 10%

What if I don't file or miss the deadline?  Receive a notice from the BEA about the BE-12?  

A civil penalty can be imposed of between $2,500 and $25,000 as well as a criminal penalty of $10,000.  If you have incorporated in the last 5 years then this requirement may be new to you, and there may be relief available for failure to file if you were unaware of your requirements. We can help both to file the report and assist with resolving any issues that might arise from filing late reports. 

Q: Why should I choose Cleer's BE-12 filing service?

A: At Cleer, we understand the complexities and importance of BE-12 reporting, and our team of experts is committed to ensuring accurate and timely submissions. We provide a comprehensive service that includes information gathering, BE-12 form preparation, and e-filing. Our system is designed to streamline the filing process and minimize the risk of errors or penalties. Additionally, our competitive pricing and responsive customer support make us a top choice for businesses of all sizes.

Q: How much does Cleer's BE-12 filing service cost?

A: Our pricing varies based on the complexity of your business and reporting requirements. We offer competitive pricing and a transparent fee structure, with no hidden costs or surprises. Contact us today for a personalized quote and to learn more about our pricing options.

Q: How do I get started with Cleer's BE-12 filing service?

A: Getting started with Cleer is easy! Simply contact us via our website or phone to discuss your business needs and to receive a personalized quote. Once you sign up, our team will guide you through the information gathering process and prepare your BE-12 form for submission. We also provide regular updates on the status of your submission and are available to answer any questions you may have along the way.

Q: What if I already filed my BE-12 form and made a mistake?

A: If you have already filed your BE-12 form and made a mistake, it's important to correct the error as soon as possible to minimize potential penalties. Cleer's team of experts can help you identify and correct any errors, and we can also provide guidance on how to avoid similar mistakes in the future.

Q: Can Cleer help with other compliance reporting requirements?

A: Yes! In addition to BE-12 filing, Cleer offers a variety of compliance reporting services to help businesses stay on top of their regulatory obligations. Contact us today to learn more about our full range of services.

Guarantee

At Cleer, we are confident in the quality of our BE-12 filing service and the expertise of our team. We stand behind our product and are committed to your satisfaction. That's why we offer a 100% money-back guarantee. If you are not completely satisfied with our service for any reason, please let us know within 30 days of your purchase and we will issue a full refund. Additionally, we offer a warranty on all of our services to ensure that you are completely satisfied with the accuracy and timeliness of your BE-12 filing. With Cleer, you can trust that your business's compliance needs are in good hands.

If you are unsure if you meet the filing requirements, we can help at hello@cleer.tax.

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83(b) Elections

Being a founder of a startup is exciting.  Even more exciting is receiving stock or shares in the company you expect to grow and be successful.  When receiving stock via a vesting agreement, the amount that vests each year will be treated as compensation, unless an 83(b) election is made.

We can help you file your 83(b) election, or correct some common errors made in those elections.  Here are some common questions and remedies in filing.

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83(b) Election Help and FAQ

What is an 83(b) election and why do I need it?

Making an 83(b) election allows you to be taxed on the current value upon signing the share issuance contracts, which can save the shareholders and company both substantial money by reducing annual earnings as the company becomes successful, and prevent the company having to get regular 409(a) valuations to set value for that compensation. 

Do foreign founders need to file 83(b) elections?

The 83(b) election creates US compensation, which means that unless you live in the US, or are a US citizen, this will not create wage-type income based on the vesting of the shares. However, it is still recommended for foreign founders to file if they plan to move to the US during the vesting period, or if they live in a country that might treat this vesting of shares as income in their country of residence. 

What IRS form is used to file the 83(b) election?

There is no IRS form 83(b) and instead this election is filed in a letter format. Since there is only a 30 day period to file the 83(b) election with the IRS, it is best to get professional help quickly to get this filed.

Our new company package can help you start your company right from the start - and not just with elections.  You get a consultation, an entrepreneurs group membership, the elections, a cloud accounting software subscription with Xero and cap table set up.

What is the due date for filing the 83(b) election?

The primary pitfall most founders don’t realize is that they only have 30 days from signing the share issuance/vesting agreement to make that decision, they can’t wait and make this decisions at tax time.  Failure to file within 30 days can have significant tax consequences.   You may want to discuss the pros and cons of making an 83(b) election with us before you do so, or maybe you recently realized you made a mistake.  Either way, we can help you avoid or fix these common errors, though some are easier to fix than others.

What do I do if I missed the deadline to file my 83(b) election?

This is probably the most common error, and the hardest to fix.  Founders have a million things to look after, and filings are the thing most founders don’t think about until the end of their fiscal year, not when shares are received.  Everyone knows you pay tax at the end of the year, right?  This is the one case that does not apply and decisions have to be made promptly.    

If the company has not yet earned any income or received investment then you may be able to accelerate the vesting and issue the full amount of shares while the company still has no inherent value. If a vesting arrangement really is necessary, like for multiple founders, then sometimes it is best to close the company and launch a new entity, before there is value. Every situation is unique, which is why we recommend a consultation to explore your options, which depends on the financials of the business.  If it looks like business is booming, you can explore a path to take advantage of that with one of our advisors.   

What if the form was filed incorrectly or was missing information?

Many small errors can be corrected by sending a letter to the IRS explaining what was incorrectly relayed. Our Resolution specialist can review your election, and work with the IRS to file an updated form with complete information and corrections, as long as there are no material changes. However, we need to review what was filed first, before advising you on a possible solution. 

I didn’t realize I only had 30 days to file the 83(b) election after I got my stock agreement. What do I do now? 

Depending on the value of the company now, the relationship between the founders, and your path going forward there may be solutions. Often stock issuance can be accelerated in order to make it fully issued, and get rid of the increased compensation risks.  The best option may be to do nothing, but that requires a conversation based on your situation. We recommend a consultation to explore your options, as there are pros and cons to each solution.  Some paths are more difficult than others.

We filed the 83(b) election but need to complete additional information.  Is that possible?

Some non-material errors in 83(b) elections can be corrected, but others cannot. Our Resolution specialist can review your election and work with the IRS to help you file an updated form with more complete information and make basic corrections. Or we can advise you on how else best to move forward.

What if we made a mistake on the 83(b) election form?

It is important to act quickly to take steps to correct this as soon as possible to minimize tax consequences and avoid confusion with the IRS. First, contact us at hello@cleer.tax so that we may review your form.  We may need a consultation to discuss the scope and the impact of the error and advise you on the best course of action.

If the mistake or omission does not affect the substance of the election, we may be able to correct the error by amending the form. We can submit a corrected copy of the form to the IRS, along with a letter explaining the correction, and possibly follow up with a phone call with our Resolution Service.

I filed the 83(b) Election but I changed my mind?  Can I cancel it?

Once made, 83(b) elections are irrevocable. For most startups, this is not a problem because they still have zero value in the company at the time of making the 83(b) election, and therefore the election doesn’t have a tax consequence. Unfortunately though, if this election is made when there is a taxable amount to pay, there is no way to revoke this, and even if the stock does not vest, the tax is still due on that amount. 

Though revoking the election is not possible, you often can reduce tax in other ways, such as by offsetting this tax with other losses from that business investment

How do I make sure 83(b) is filed correctly?

At Cleer we are here to help founders from the start.  Our 83(b) filing service can be purchased separately for each founder. Or our new company package includes a consultation, an entrepreneurs group membership, the elections, a cloud accounting software subscription with Xero, and cap table set up. Companies have a 79% success rate in their first year, but with a Xero subscription to track your finances, that success rate jumps to 93%! to learn more, email hello@cleer.tax.

ITIN Application Help & FAQ

Do you pay US tax, or are you required to file a 1040 NR (non-resident), but don’t have a tax ID yet?  Everyone needs a tax ID to file with the IRS, but if you are a non-US citizen and don’t qualify for a Social Security Number it can feel very difficult. However, this often is easy to solve because an Individual Taxpayer Identification Number (ITIN) can be applied for at the same time you file your 1040NR.

Non-US citizens or residents who have US-sourced income are required to file US tax returns, typically on Form 1040 or Form 1040NR, need an ITIN if they are not eligible for a Social Security Number.  We can help you file your form W-7 to get your ITIN, and complete the 1040NR in one package.  If you need an ITIN to file your 1040NR, you can purchase the discounted package HERE for $799

If you are not sure if you qualify for an ITIN, read our ITIN FAQ below to see if you need to apply, or email us at hello@cleer.tax.  

ITIN & 1040NR FAQ

Who needs to file Form 1040NR?

The Form 1040NR (U.S. Nonresident Alien Income Tax Return) is a specific tax form for nonresident aliens who have income earned in the United States. You may need to file Form 1040NR if you are a nonresident alien and:

1. Engaged in a trade or business in the United States during the tax year, even if you had no income from that trade or business, or your income was exempt from U.S. tax under a tax treaty.
2. Received income from U.S. sources that are not effectively connected with a U.S. trade or business and are subject to withholding at the source.
3. Received income from U.S. sources that is effectively connected with a U.S. trade or business, such as wages, salaries, or business profits.
4. You are a representative or agent responsible for filing the return of a nonresident alien individual, fiduciary, or partnership.

There are certain exceptions and more specific rules related to various types of income and situations that your tax accountant can discuss with you.

Do I need an ITIN to file 1040NR?

Yes, you need an Individual Taxpayer Identification Number (ITIN) to file Form 1040NR if you are a nonresident alien and do not have, or are not eligible for, a Social Security Number (SSN). 

To apply for an ITIN,  Form W-7 (Application for IRS Individual Taxpayer Identification Number) must be submitted along with your Form 1040NR and any required supporting documentation. The IRS will then assign you an ITIN, which you can use for future tax filing and reporting requirements.

What is an ITIN?

An ITIN, or Individual Taxpayer Identification Number, is a tax ID number issued by the IRS for individuals who are filing US tax, but who do not have or are not eligible for a Social Security number (SSN), the Tax ID for US taxpayers.

Who Needs an ITIN?

Non-US residents or citizens who are required to file US Tax returns such as Form 1040 (resident/citizen) or Form 1040NR (non-resident), need an ITIN.  

Examples of who would typically need an ITIN include:

• Nonresident (NR) alien individuals who are required to file a U.S. tax return
• U.S. resident aliens who are required to file a U.S. tax return
• Nonresident alien employees of U.S. government agencies or international organizations
• Spouses of US citizens or green card holders that are required to file tax returns and want to include their spouse on a joint return or as a dependent

If you are planning on forming a US corporation from outside the US or are a non-US citizen responsible for your US-based company’s tax compliance, it’s a good idea to apply well in advance, as it can take several weeks for the ITIN to be issued.

How do I apply for an ITIN?

To apply for an ITIN, you have to complete and submit Form W-7 or “Application for IRS Individual Taxpayer Identification Number”. Along with the completed form, you will need to provide documentation that proves your identity and foreign status.  

Please note only original identification documents or certified copies of the documents from the issuing agency will be accepted.

What documents are required in my application?

You need to provide a certified copy of your passport from the issuing agent that is mailed with the documents. Please note only original identification documents or certified copies of the documents from the issuing agency will be accepted.  You need to go to your government or passport office to have your documents certified or notarized.  The IRS will not accept documents notarized by a third party, such as a lawyer, bank or Notary Public.

How long does it take for the IRS to process my application and issue my ITIN?

While the IRS can be unpredictable in their processing times, if your application is complete, documents are accepted and it is approved, you will receive a letter from the IRS with your number usually in about seven weeks.  It will take up to 11 weeks during peak tax season, which is why it is important to apply before you need it immediately.

 However, since the ITIN application is filed with the tax return normally this is not a problem as the documents are submitted prior to receiving the number. But be sure that when you receive your ITIN in the mail you keep the number in a safe place, as you will need it next year.  

I think my ITIN expired. Can I just renew my ITIN online?

Unfortunately, going online and renewing your ITIN is not possible.  You have to apply again and submit a new Form W-7, provide your latest US federal tax return along with your valid supporting original or copies of your ID documents, certified by the issuer.

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Who has to file Delaware Franchise Tax?

Any Company incorporated in the State of Delaware, regardless of ownership, must file every year on March 1st, or receive an automatic $200 penalty. Delaware assesses an annual franchise tax for the privilege of doing business in the state. This return or "Annual Report" must be filed by March 1st with the state of Delaware each year, regardless on income or activity, as long as the business is registered in the state.

Why is Cleer the best accountant to prepare Delaware Franchise Tax?

Many company owners find the calculations on the Delaware forms confusing, as it involves number of shares issued and held by the company. Cleer makes it simple, and can advise companies on the best way to set up your shares. We prepare this report for you, making sure you stay compliant with the State.  However, the Franchise tax owed and Delaware Annual Report filing fee are not included, and are paid directly on the State's website.

How Do I File Delaware Franchise Tax?

We make purchasing your Annual Report easy. After registration, a link will be sent to complete our simple questionnaire. When we receive it, we assign one of our experienced Delaware Franchise Tax prep specialists, whom may ask for additional information. Once the form is prepared, you will receive a link to the Delaware website to pay the filing fee and tax due with your credit card or bank account.

PLEASE NOTE purchases made after 2/27 may not make the March 1 deadline.

Get dedicated, one-on-one access to our expert accountants and find out answers to some of your most critical business tax questions. This price includes a 30 minute phone call with an accountant and 30 minutes of accountant research and/or prep work, based on the information provided in your questionnaire.

After your registration, you will be provided with a link to a questionnaire, and at the end, access to a calendar to schedule your 30-minute consultation, at your convenience, with one of our IRS-registered Enrolled Agents. After the consultation with your personal tax expert, a personalized plan and next steps will be recommended based on your specific needs and issues.

Tax Questions? Answered.

One-on-one access to an expert accountant to help you plan your startup’s financial future. Book a one-on-one consultation to ask the difficult questions and find the right solution for your business.

Tax answers designed for you

Not only are our accountants CPAs and IRS Enrolled Agents, but they also have years of experience working with business owners around the world.

Knowledge

Tax laws constantly change. Find out how the latest legislation affects you.

Expertise

Tax is complicated. Find out the answers to your most critical tax questions.

Customized

Bespoke solutions based on your structure, industry, size, and growth goals.

Convenience

Schedule your video call when you need it from wherever you are. 

Clarity

Business taxes explained in simple terms with actionable next steps.

Privacy

Advanced tools and practices to ensure confidentiality of your data.

Why should I file for R&D Tax Credits?

Research and Development Credits are the most lucrative tax credit for startups, largely because they are claimed against U.S.payroll taxes. This gives an immediate cashflow benefit, even when no income taxes are due.  We offer R&D Tax Credits preparation service for a low flat-rate fee of $1500 for up to five qualifying workers, then just $100 per additional employee or independent contractor. This can provide tens of thousands of dollars in savings over percentage-based credit services.

This flat-fee structure allows us to meet the stringent IRS due diligence requirements, in order that our clients reap the full benefit of this tax credit while documenting qualifications for the credit in advance of filing. GBS reviews business processes and development expenditures in detail, to ensure our clients actually receive the credit they applied for, without disqualifications. We not only add value for the return, but also accuracy and integrity.

‍

Why is Cleer the best accountant to prepare my R&D Tax Credit?

‍

Many other companies offer R&D credits with SaaS-generated reports without any professional oversight. These companies provide inflated credits with low accuracy rates, and fees charged on a contingency basis- upwards of 20% of the promised credit! This leads to both high fees and an extreme risk of audit, taking advantage of companies who need these tax breaks to fuel innovation. At Cleer, we guarantee that your R&D Credit Report is prepared with personal care by a qualified tax accountant, and reviewed by a CPA or Enrolled Agent. Get the best of both worlds- the tax credit you deserve, and peace of mind it was prepared correctly.

‍

We stand by our process. In fact, if during the due diligence process we discover that you are not, in fact, eligible for the R & D tax credit, we will give you a full refund. That's how committed we are to serving the best interests of our clients.

BE-12:   The Mandatory Survey Filing Required by All Businesses in 2023

The BE-12 is like a census of all US companies to collect general foreign investment information on a vast cross-section of businesses. This survey is conducted every five years and, unlike the quarterly and annual versions, the BE-12 is mandatory to file regardless of whether the company is notified by the BEA. However, the BE-12 Benchmark Survey is geared towards smaller companies.  

All entities with more than 10% foreign ownership or interests at the end of the year in 2022 must file the BE-12, including ecommerce sites that distribute products digitally, and partnerships with real estate held for non-personal use. Every 5 years, each US business with foreign owners or investors that was an active business in 2022 is required to file this survey by May 31, 2023.  The penalties for not filing can be civil penalties of $2,500 to $25,000, as well as a criminal penalty of $10,000.  Don’t worry - we can file for you for only $499.  ‍

Overwhelmed by yet another filing requirement? Need help with filing the BE-12?‍

We can help!  For only $499, we can file your BE-12, as one of four forms is required (depending on your business criteria).  Even if you are exempt from filing, you need to file the form “BE-12 Claim for Not Filing”.  Therefore, the form should still be filed to indicate that you are not required to file the form!‍

Just purchase the survey filing for $499, fill out a simple questionnaire and we’ll take care of it for you.  If we are preparing your taxes, we will have most of the information to complete the survey for you – without any hassle.

BE-12 FAQ

What is the Bureau of Economic Analysis (BEA) BE-12 Benchmark Survey?

The BE-12 is BEA's benchmark survey of foreign direct investment in the United States, which is conducted every five years.  It is like a census for foreign investment in US businesses. The BEA generates statistics on foreign-owned business activities in the US to analyze the impacts of those investments on jobs, wages, productivity and taxes.

This survey is mandatory for companies with more than 10% foreign ownership.  The Bureau of Economic Analysis (BEA) conducts surveys on US investment abroad and direct foreign investment to prepare official economic statistics for the US Government.   The BEA conducts regular surveys that require transaction-related, quarterly, annual, and benchmark filings.

Is my company required to file the BE-12 benchmark survey?

All entities with more than 10% foreign ownership or interests at the end of the year in 2022 must file, including ecommerce sites that distribute products digitally, and partnerships with real estate held for non-personal use. 

I do not meet BE-12 filing requirements. Do I have to file a survey?

Even if you do not meet the criteria, you still have to file the BE-12 “Claim for Not Filing” form - a form to say you’re not required to file!  If you were notified by BEA to file a BE-12 survey, but your business does not meet the filing requirements, the BE-12 “Claim for Not Filing” must be submitted.  

What if I file the annual BE-15?  Do I need to file the BE-12 as well?

Businesses that file a BE-15 annual survey will file the BE-12 instead for 2022. 

Each US Business must file one of four different forms, based on these criteria:

Form BE-12A - U.S. entities with 50% or more ownership by foreign parents with total assets, sales or operating revenues exceeding $300 million at the end of 2022. 

Form BE-12B - U.S. entities with 50% or more ownership by foreign parents with total assets, sales or operating revenues from $60 - $300 million at the end of 2022. 

Form BE-12C - U.S. entities with 10% or more ownership by foreign parents with total assets, sales or operating revenues not exceeding $60 million at the end of 2022.

Form BE-12 Claim for Not Filing - For either (1) a U.S. affiliate that consolidated into or merged with another U.S. affiliate, OR (2) an entity that is not directly or indirectly foreign-owned or has foreign combined shareholding of less than 10%

What if I don't file or miss the deadline?  Receive a notice from the BEA about the BE-12?  

A civil penalty can be imposed of between $2,500 and $25,000 as well as a criminal penalty of $10,000.  If you have incorporated in the last 5 years then this requirement may be new to you, and there may be relief available for failure to file if you were unaware of your requirements. We can help both to file the report and assist with resolving any issues that might arise from filing late reports. 

Q: Why should I choose Cleer's BE-12 filing service?

A: At Cleer, we understand the complexities and importance of BE-12 reporting, and our team of experts is committed to ensuring accurate and timely submissions. We provide a comprehensive service that includes information gathering, BE-12 form preparation, and e-filing. Our system is designed to streamline the filing process and minimize the risk of errors or penalties. Additionally, our competitive pricing and responsive customer support make us a top choice for businesses of all sizes.

Q: How much does Cleer's BE-12 filing service cost?

A: Our pricing varies based on the complexity of your business and reporting requirements. We offer competitive pricing and a transparent fee structure, with no hidden costs or surprises. Contact us today for a personalized quote and to learn more about our pricing options.

Q: How do I get started with Cleer's BE-12 filing service?

A: Getting started with Cleer is easy! Simply contact us via our website or phone to discuss your business needs and to receive a personalized quote. Once you sign up, our team will guide you through the information gathering process and prepare your BE-12 form for submission. We also provide regular updates on the status of your submission and are available to answer any questions you may have along the way.

Q: What if I already filed my BE-12 form and made a mistake?

A: If you have already filed your BE-12 form and made a mistake, it's important to correct the error as soon as possible to minimize potential penalties. Cleer's team of experts can help you identify and correct any errors, and we can also provide guidance on how to avoid similar mistakes in the future.

Q: Can Cleer help with other compliance reporting requirements?

A: Yes! In addition to BE-12 filing, Cleer offers a variety of compliance reporting services to help businesses stay on top of their regulatory obligations. Contact us today to learn more about our full range of services.

Guarantee

At Cleer, we are confident in the quality of our BE-12 filing service and the expertise of our team. We stand behind our product and are committed to your satisfaction. That's why we offer a 100% money-back guarantee. If you are not completely satisfied with our service for any reason, please let us know within 30 days of your purchase and we will issue a full refund. Additionally, we offer a warranty on all of our services to ensure that you are completely satisfied with the accuracy and timeliness of your BE-12 filing. With Cleer, you can trust that your business's compliance needs are in good hands.

If you are unsure if you meet the filing requirements, we can help at hello@cleer.tax.

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83(b) Elections

Being a founder of a startup is exciting.  Even more exciting is receiving stock or shares in the company you expect to grow and be successful.  When receiving stock via a vesting agreement, the amount that vests each year will be treated as compensation, unless an 83(b) election is made.

We can help you file your 83(b) election, or correct some common errors made in those elections.  Here are some common questions and remedies in filing.

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83(b) Election Help and FAQ

What is an 83(b) election and why do I need it?

Making an 83(b) election allows you to be taxed on the current value upon signing the share issuance contracts, which can save the shareholders and company both substantial money by reducing annual earnings as the company becomes successful, and prevent the company having to get regular 409(a) valuations to set value for that compensation. 

Do foreign founders need to file 83(b) elections?

The 83(b) election creates US compensation, which means that unless you live in the US, or are a US citizen, this will not create wage-type income based on the vesting of the shares. However, it is still recommended for foreign founders to file if they plan to move to the US during the vesting period, or if they live in a country that might treat this vesting of shares as income in their country of residence. 

What IRS form is used to file the 83(b) election?

There is no IRS form 83(b) and instead this election is filed in a letter format. Since there is only a 30 day period to file the 83(b) election with the IRS, it is best to get professional help quickly to get this filed.

Our new company package can help you start your company right from the start - and not just with elections.  You get a consultation, an entrepreneurs group membership, the elections, a cloud accounting software subscription with Xero and cap table set up.

What is the due date for filing the 83(b) election?

The primary pitfall most founders don’t realize is that they only have 30 days from signing the share issuance/vesting agreement to make that decision, they can’t wait and make this decisions at tax time.  Failure to file within 30 days can have significant tax consequences.   You may want to discuss the pros and cons of making an 83(b) election with us before you do so, or maybe you recently realized you made a mistake.  Either way, we can help you avoid or fix these common errors, though some are easier to fix than others.

What do I do if I missed the deadline to file my 83(b) election?

This is probably the most common error, and the hardest to fix.  Founders have a million things to look after, and filings are the thing most founders don’t think about until the end of their fiscal year, not when shares are received.  Everyone knows you pay tax at the end of the year, right?  This is the one case that does not apply and decisions have to be made promptly.    

If the company has not yet earned any income or received investment then you may be able to accelerate the vesting and issue the full amount of shares while the company still has no inherent value. If a vesting arrangement really is necessary, like for multiple founders, then sometimes it is best to close the company and launch a new entity, before there is value. Every situation is unique, which is why we recommend a consultation to explore your options, which depends on the financials of the business.  If it looks like business is booming, you can explore a path to take advantage of that with one of our advisors.   

What if the form was filed incorrectly or was missing information?

Many small errors can be corrected by sending a letter to the IRS explaining what was incorrectly relayed. Our Resolution specialist can review your election, and work with the IRS to file an updated form with complete information and corrections, as long as there are no material changes. However, we need to review what was filed first, before advising you on a possible solution. 

I didn’t realize I only had 30 days to file the 83(b) election after I got my stock agreement. What do I do now? 

Depending on the value of the company now, the relationship between the founders, and your path going forward there may be solutions. Often stock issuance can be accelerated in order to make it fully issued, and get rid of the increased compensation risks.  The best option may be to do nothing, but that requires a conversation based on your situation. We recommend a consultation to explore your options, as there are pros and cons to each solution.  Some paths are more difficult than others.

We filed the 83(b) election but need to complete additional information.  Is that possible?

Some non-material errors in 83(b) elections can be corrected, but others cannot. Our Resolution specialist can review your election and work with the IRS to help you file an updated form with more complete information and make basic corrections. Or we can advise you on how else best to move forward.

What if we made a mistake on the 83(b) election form?

It is important to act quickly to take steps to correct this as soon as possible to minimize tax consequences and avoid confusion with the IRS. First, contact us at hello@cleer.tax so that we may review your form.  We may need a consultation to discuss the scope and the impact of the error and advise you on the best course of action.

If the mistake or omission does not affect the substance of the election, we may be able to correct the error by amending the form. We can submit a corrected copy of the form to the IRS, along with a letter explaining the correction, and possibly follow up with a phone call with our Resolution Service.

I filed the 83(b) Election but I changed my mind?  Can I cancel it?

Once made, 83(b) elections are irrevocable. For most startups, this is not a problem because they still have zero value in the company at the time of making the 83(b) election, and therefore the election doesn’t have a tax consequence. Unfortunately though, if this election is made when there is a taxable amount to pay, there is no way to revoke this, and even if the stock does not vest, the tax is still due on that amount. 

Though revoking the election is not possible, you often can reduce tax in other ways, such as by offsetting this tax with other losses from that business investment

How do I make sure 83(b) is filed correctly?

At Cleer we are here to help founders from the start.  Our 83(b) filing service can be purchased separately for each founder. Or our new company package includes a consultation, an entrepreneurs group membership, the elections, a cloud accounting software subscription with Xero, and cap table set up. Companies have a 79% success rate in their first year, but with a Xero subscription to track your finances, that success rate jumps to 93%! to learn more, email hello@cleer.tax.

ITIN Application Help & FAQ

Do you pay US tax, or are you required to file a 1040 NR (non-resident), but don’t have a tax ID yet?  Everyone needs a tax ID to file with the IRS, but if you are a non-US citizen and don’t qualify for a Social Security Number it can feel very difficult. However, this often is easy to solve because an Individual Taxpayer Identification Number (ITIN) can be applied for at the same time you file your 1040NR.

Non-US citizens or residents who have US-sourced income are required to file US tax returns, typically on Form 1040 or Form 1040NR, need an ITIN if they are not eligible for a Social Security Number.  We can help you file your form W-7 to get your ITIN, and complete the 1040NR in one package.  If you need an ITIN to file your 1040NR, you can purchase the discounted package HERE for $799

If you are not sure if you qualify for an ITIN, read our ITIN FAQ below to see if you need to apply, or email us at hello@cleer.tax.  

ITIN & 1040NR FAQ

Who needs to file Form 1040NR?

The Form 1040NR (U.S. Nonresident Alien Income Tax Return) is a specific tax form for nonresident aliens who have income earned in the United States. You may need to file Form 1040NR if you are a nonresident alien and:

1. Engaged in a trade or business in the United States during the tax year, even if you had no income from that trade or business, or your income was exempt from U.S. tax under a tax treaty.
2. Received income from U.S. sources that are not effectively connected with a U.S. trade or business and are subject to withholding at the source.
3. Received income from U.S. sources that is effectively connected with a U.S. trade or business, such as wages, salaries, or business profits.
4. You are a representative or agent responsible for filing the return of a nonresident alien individual, fiduciary, or partnership.

There are certain exceptions and more specific rules related to various types of income and situations that your tax accountant can discuss with you.

Do I need an ITIN to file 1040NR?

Yes, you need an Individual Taxpayer Identification Number (ITIN) to file Form 1040NR if you are a nonresident alien and do not have, or are not eligible for, a Social Security Number (SSN). 

To apply for an ITIN,  Form W-7 (Application for IRS Individual Taxpayer Identification Number) must be submitted along with your Form 1040NR and any required supporting documentation. The IRS will then assign you an ITIN, which you can use for future tax filing and reporting requirements.

What is an ITIN?

An ITIN, or Individual Taxpayer Identification Number, is a tax ID number issued by the IRS for individuals who are filing US tax, but who do not have or are not eligible for a Social Security number (SSN), the Tax ID for US taxpayers.

Who Needs an ITIN?

Non-US residents or citizens who are required to file US Tax returns such as Form 1040 (resident/citizen) or Form 1040NR (non-resident), need an ITIN.  

Examples of who would typically need an ITIN include:

• Nonresident (NR) alien individuals who are required to file a U.S. tax return
• U.S. resident aliens who are required to file a U.S. tax return
• Nonresident alien employees of U.S. government agencies or international organizations
• Spouses of US citizens or green card holders that are required to file tax returns and want to include their spouse on a joint return or as a dependent

If you are planning on forming a US corporation from outside the US or are a non-US citizen responsible for your US-based company’s tax compliance, it’s a good idea to apply well in advance, as it can take several weeks for the ITIN to be issued.

How do I apply for an ITIN?

To apply for an ITIN, you have to complete and submit Form W-7 or “Application for IRS Individual Taxpayer Identification Number”. Along with the completed form, you will need to provide documentation that proves your identity and foreign status.  

Please note only original identification documents or certified copies of the documents from the issuing agency will be accepted.

What documents are required in my application?

You need to provide a certified copy of your passport from the issuing agent that is mailed with the documents. Please note only original identification documents or certified copies of the documents from the issuing agency will be accepted.  You need to go to your government or passport office to have your documents certified or notarized.  The IRS will not accept documents notarized by a third party, such as a lawyer, bank or Notary Public.

How long does it take for the IRS to process my application and issue my ITIN?

While the IRS can be unpredictable in their processing times, if your application is complete, documents are accepted and it is approved, you will receive a letter from the IRS with your number usually in about seven weeks.  It will take up to 11 weeks during peak tax season, which is why it is important to apply before you need it immediately.

 However, since the ITIN application is filed with the tax return normally this is not a problem as the documents are submitted prior to receiving the number. But be sure that when you receive your ITIN in the mail you keep the number in a safe place, as you will need it next year.  

I think my ITIN expired. Can I just renew my ITIN online?

Unfortunately, going online and renewing your ITIN is not possible.  You have to apply again and submit a new Form W-7, provide your latest US federal tax return along with your valid supporting original or copies of your ID documents, certified by the issuer.

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