When you formed your business and the IRS opened your EIN, no matter if you are a non resident or not your company is a USA company with a USA EIN and thus subject to federal taxes. The only thing that differs is how those taxes need to be filed with the IRS and state if you are operating in a state that has state taxes or gross receipts taxes. With the reporting threshold dropping to $600 for marketplaces, platforms and processors in 2022 1099-K`s will be submitted to the IRS after the user/merchant surpasses $600 in sales. If you are receving payments on any platform or service using your EIN as your tax ID, those earnings will be reported to the IRS no matter if you are a foreign/non resident founder or director or a resident founder/director. The second you incorporated in the USA your company became a resident company. Visa, citizenship, residency status of the directors doesn`t change the residency status of the company and neither does management location. The federal tax rate is a flat 21% of net revenue.
If you are any of the following, you must file a return:
- A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during the year.
- A nonresident alien individual who is not engaged in a trade or business in the United States and has U.S. income on which the tax liability was not satisfied by the withholding of tax at the source.
If you are taking payments through Binance using a Binance Business account then that means you had to enter, confirm and verify your EIN which means any payments received through Binance are technically taxable by the IRS. USA resident companies are taxed on worldwide income. I run a PRO service so can give you the basics but you`ll have to talk to a full fledged accountant to get a bigger picture as there are other variable (withholding percentages, etc) that could play a role based on your entity structure.
Incorporating in Wyoming saves you the hassle of having to deal with corporate and personal income taxes but you formation status there along with your non resident status doesn`t exempt your resident USA company from federal taxes.
Also to expand on some other issues I`ve seen in this post. Mercury. Good service but its limited and very risk adverse. If you are attempting to open an account to attach to Ebay or other marketplaces its not the best solution, especially if you are trying to open and receive payments for multiple accounts. You`d be better off with Relay or Revolut USA Business who`s accounts are provided through Metropolitan Commercial Bank as opposed to Evolve Bank and Trust.
Also $200 is still far too high a price for formation services if all they are offering is state articles, EIN, and a year of registered agent service. They should be providing full legally prepared documentation as certian banks and processors are going to ask for resolutions and bylaws or organizational charts along with your EIN, articles, proof of address and identity documents. You should only be paying between a $49 - $70 service fee for service that only includes articles, EIN and registered agent service. So for a Wyoming company that would come too: $151 - $172 with state fees includ
