The Small Business Tax Help Blog

Question: How do I report internationl income for my California based LLC?

I just want to know how I would report international income on my IRS tax return. We own a service business and now have international partners who generate income for our company. The money is deposited in our international bank accounts then transferred to our business bank in the USA. How do we report this income to make sure we are in full compliance with existing law?

Answer: Any money that is payment to LLC held in your foreign banks or in the U.S. bank must be accounted.

Yes, if a U.S. citizen or resident has foreign accounts, he/she may be required to file Form Form TD F 90-22.1 with the Department of Treasury by June 30, 2008. The Form TD F 90-22.1 can be download from:

http://www.irs.gov/

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