Guides
Plain explanations of US tax and accounting.
Written by Minal Bihani, Certified Accountant (LinkedIn). One idea per guide, real examples with the details changed, and a check you can run today at the end of each.
US Tax Filing
- Business tax filing checklist for 2026What to gather before a business return is prepared, by entity type: statements, payroll and 1099 records, fixed assets, owner transactions, state items and the questions...
- IRS penalty abatement: first-time relief and reasonable causeThe two ways a business penalty gets removed, what qualifies for each, how to write a reasonable-cause statement that is read, and what never works.
- Quarterly estimated taxes for LLC owners in 2026Who has to pay, the four 2026 dates, how to calculate a payment that covers income tax and self-employment tax, the safe harbour that removes the...
- Reasonable salary for S-corp owners: how to set it and defend itWhat the IRS means by reasonable compensation, the evidence that supports a number, the patterns that get audited, and a method for setting salary once a...
- S-corp vs LLC: which saves more tax, and at what profitWhere the S-corp saving comes from, what it costs to run, the profit level where it turns positive, the states that change the answer, and who...
- Single-member LLC taxes, explained without the jargonHow a one-owner LLC is taxed by default, what "disregarded" means in practice, self-employment tax, quarterly estimates, the state layer, and when to change the default.
- The business tax extension, properly understoodForm 7004 gives six more months to file, not to pay. When to use it, what to pay with it, what it does for a foreign-owned...
- Unfiled business tax returns: what to do, in orderBehind by a year or more? The order that minimises penalties: which years, which forms, rebuilding the books, paying what can be paid, and the relief...
- What a late 1120-S or 1065 really costsPartnership and S-corp returns are penalised per owner, per month, even with no tax due. The arithmetic, the notice sequence, and the two relief routes that...
Non-Resident Founders
- Do you owe US income tax? Effectively connected income and Form 1040-NR for non-resident LLC ownersThe test that decides whether a non-resident owner of a US LLC pays US income tax: US trade or business, effectively connected income, permanent establishment under...
- First-year compliance for a non-resident-owned US LLCThe twelve months after formation, in order: EIN, bank, registered agent, ledger, state report, Form 5472, the US income question, and the records to keep. A...
- Form 5472 explained for foreign-owned LLCsWho files Form 5472, what counts as a reportable transaction, why it cannot be e-filed, what the $25,000 penalty actually looks like and how first-time filers...
- The US LLC for Indian founders: a tax and compliance guideWhat an Indian resident owning a US LLC files in the US and in India, the Form 5472 requirement, when US income tax applies, the India-US...
- W-8BEN or W-9: which form does your LLC give, and which do you?The two certificates every payer asks for, why a foreign-owned US LLC gives a W-9 while its owner gives a W-8BEN, what 30% withholding is and...
Company Formation
- Getting an EIN without an SSN: what to expectHow a non-resident owner obtains an Employer Identification Number for a US LLC without a Social Security number: the SS-4 by fax or phone, the responsible-party...
- How to dissolve a US LLC properlyClosing an LLC is a sequence, not a form: the members' decision, final state filings, final federal and state returns including the last Form 5472, closing...
- Opening a US business bank account for a non-resident-owned LLCWhich banks and fintechs open accounts for LLCs owned by people outside the US, what documents they ask for, why applications are declined, the countries that...
- Wyoming, Delaware or New Mexico: choosing an LLC state as a non-residentThe three states non-residents actually choose, compared on annual cost, privacy, bank familiarity, investor expectations and paperwork, with the one rule that overrides all of it.
Bookkeeping
- Catch-up bookkeeping: what to do when you are months or years behindHow a catch-up project actually runs: what to send, how the books are rebuilt from statements and platform data, how long it takes, what it costs,...
- E-commerce bookkeeping: payouts, cost of goods and sales taxWhy the Shopify or Amazon deposit is not revenue, how to book payouts so sales, fees, refunds and sales tax are separated, how to get cost...
- How to set up a chart of accounts that stays usefulThe structure of a small-business chart of accounts: numbering, the right level of detail, revenue and cost lines that show margin, owner and tax accounts, classes...
- Outsourced Bookkeeping for CPA Firms: Costs, Benefits & How It WorksHow outsourced bookkeeping helps US CPA firms cut costs, scale through busy season, and improve accuracy — what gets done, pricing models, and security.
- QuickBooks Online vs Xero for a US small businessAn honest comparison from a firm that works in both daily: US tax and payroll fit, sales tax, users and pricing structure, bank feeds, inventory, multi-currency,...
- Sales tax nexus explained for remote sellersSince Wayfair, selling into a state can create an obligation to collect its sales tax without setting foot there. Physical and economic nexus, the thresholds, marketplace...
- The 1099-NEC guide for 2026Who gets a 1099-NEC, the threshold change from $600 to $2,000 for 2026 payments, contractors outside the US, the W-9 you need before paying anyone, the...
- The monthly close checklist for a small businessThe steps, in order, that turn a bank feed into financial statements you can trust: reconciliations, revenue and payouts, payables and accruals, payroll and sales tax...
CFO & Advisory
- Cash vs profit: why your bank balance lies to youProfit and cash are different numbers for good reasons: timing, inventory, loans, owner draws, equipment and tax. Where the gap comes from, how to read a...
- Deferred revenue explained for foundersWhy cash received is not yet revenue, how annual prepayments are recognised month by month, what deferred revenue does to the balance sheet, the tax side,...
- Gross margin mistakes small businesses makeThe margin is the number that decides whether growth helps or hurts. The seven ways small businesses get it wrong: payment fees, shipping, contractor cost, discounts,...
- Investor-ready financials: the data room checklistWhat investors and acquirers expect to find in the financial section of a data room, how far back, in what format, and the gaps that stall...
- The 13-week cash flow forecast: the one report that predicts troubleHow to build and run a weekly cash forecast: the structure, where each line comes from, how to handle uncertain receipts, the Friday update routine, and...
- Virtual CFO Services: When Should Your Business Hire One?What a virtual CFO does, the signs your business needs one, and how virtual CFO services compare in cost to a full-time hire — a practical...
Offshore accounting for CPA firms
- Offshore Accounting for CPA Firms: The Complete Guide (2026)A complete guide to offshore accounting for US CPA firms — what to outsource, how it works, costs, data security, and how to choose the right...
- Offshore vs In-House Accounting: A Cost Comparison for CPA FirmsOffshore vs in-house accounting for CPA firms — a clear cost comparison covering salaries, overhead, quality, scalability, and when each model makes sense.
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