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Form 5305-S Arlington Texas: What You Should Know

Your 5305-SIMPLE must. Your employer. Form to complete if, you are eligible and eligible to contribute — EIN & Tax Status. A) For a sole proprietor, you are a: Business Income and/or Business Expenses: B) For a partner or corporation, you are a: 1) Sole proprietor Tax ability: A) Non-U.S.: B) U.S.: Businesses who have established a designated employer-employee relationship by signing Form 5305-SIMPLE (or Form 5304-SIMPLE) have the same tax responsibilities as any other U.S. -based or U.S. -incorporated foreign corporation, for purposes of federal income tax. However, you may owe federal income tax on any portion of your 5305-SIMPLE that is made in connection with the foreign business activity, either through the employee's share of a profit, return of excess contributions, deferred compensation amounts, or compensation of U.S. persons that are employed in the foreign business, or through non-U.S. income such as income derived from property owned by the foreign corporation. Please consult your tax advisor for additional information. If your organization has established its own designated employer-employee relationship with a U.S. person (for example, a U.S. person who is a partner in the foreign company), you must file Form 5304-SIMPLE (or Form 5305-SIMPLE) with the IRS. If your organization has a designated employment practice (DP) agreement, you must report the employee's portion of any 5305-SIMPLE in connection with the DP agreement before filing Form 5305-SIMPLE with the IRS. If you use Form 5305-SIMPLE in a business income tax return, you must sign and file a separate return for each portion of your 5305-SIMPLE made in connection with an DP agreement. The form 5305-SIMPLE must be filed using Form 8853. You must have documentation in place to establish that you do not owe federal income tax on your 5305-SIMPLE or that you did not owe federal income tax on the portion of any 5305-SIMPLE that relates to the non-U.S. business activity. You must file Form 5304-SIMPLE when filing your 1040EZ, which includes an estimate of the amount of your 5305-SIMPLE (if any).

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