One thing to watch out for - if you ever travel to the US and work while physically present there (even remotely on your Bolivian business), that income becomes US-taxable! I made this mistake during a 2-month trip to Miami where I continued serving clients. Ended up having to file a US non-resident return (1040NR) and pay US taxes on that portion of my income. Keep track of where you are physically located when performing services, as that can affect your tax situation regardless of where your clients or business are based.

Great thread everyone! As someone who's been running a digital consulting business from Bolivia for the past 3 years serving US clients, I can confirm most of what's been shared here is spot-on. One additional tip I'd add: make sure you understand Bolivia's "Régimen General" vs "Régimen Simplificado" thresholds. If your annual revenue exceeds around $87,000 USD equivalent, you'll need to register for the general regime which has different VAT and income tax requirements. The simplified regime is much easier to manage for smaller operations. Also, regarding invoicing - I've found it helpful to create a hybrid invoice format that satisfies both countries. I use the official SIN electronic invoicing system for the Bolivian factura, but I include English descriptions and additional details that my US clients need for their accounting. This way I only need to send one document that covers both requirements. For banking, I second the recommendation for Wise - their multi-currency accounts are perfect for this situation. You can receive USD payments and convert to bolivianos at better rates than traditional banks when needed. The key is staying organized with documentation from day one. Keep records of where you physically perform work, maintain proper invoicing for both countries, and don't be afraid to invest in professional help when needed. The tax compliance is manageable once you get the systems in place!

Since everyone seems confused about the substantial presence test for F-1 students, here's what I learned after calling the IRS twice and talking to a school tax advisor: Years 1-5 on F-1: You are an "exempt individual" (not exempt from tax, but exempt from counting days for substantial presence test). File Form 8843 only. Year 6+ on F-1: You are no longer automatically exempt, so the substantial presence test applies. If you meet it (which you likely will after 183 days), you have two options: 1. File as a resident alien (subject to FICA and eligible for standard deduction) 2. Try to claim closer connection exception by filing both Forms 8843 AND 8840 The closer connection test looks at where your life is centered - bank accounts, property, family, future plans, etc. If they accept it, you continue filing as nonresident alien (no FICA tax, but also no standard deduction). The most common mistake I see is people only filing 8843 after year 5 without the 8840 form. That's not enough to claim the exception!

I went through this exact situation last year and want to share what worked for me. I was on F-1 status for 6 years and was terrified about the tax implications of becoming a resident alien. The key thing that helped me was understanding that the "closer connection exception" isn't just about paperwork - it's about your actual life circumstances. The IRS really does look at the totality of your situation. In my case, I had: - Maintained a bank account in my home country with regular deposits from family - Never applied for a green card or expressed intent to immigrate permanently - Kept my permanent address listed as my parents' home - Had no significant assets in the US (just basic student stuff) - Had concrete plans to return home after graduation/OPT I filed both Form 8843 and 8840 for my 6th year, including a detailed letter explaining my circumstances. The IRS never questioned it, and I saved about $2,800 in FICA taxes compared to filing as a resident. The most important advice I can give: document everything! Keep records of your foreign bank accounts, property ownership back home, family ties, etc. The burden of proof is on you to show your closer connection to your home country, so having solid documentation makes all the difference. Also, don't let tax software automatically decide your status - many programs aren't sophisticated enough to handle these exceptions properly.

its ridiculous we have to wait so long for OUR money. the govmt takes it instantly but takes forever to give it back smh

@Dylan Hughes for transcript access, try using ID.me verification on the IRS website - it's usually more reliable than the standard login. You can also call the automated transcript line at 1-800-908-9946 if the website keeps giving errors. The transcript will show cycle codes and DDD (direct deposit date) if one has been issued for your refund. Way more detailed info than the basic "Where's My Amended Return" tool.

Just to clarify for everyone, this rule about TINs being more important than exact names applies to all information returns (1099s, W-2s, etc). I used to stress about getting company names exactly right until my accountant explained that the matching system primarily relies on the TIN. This is why banks and employers are required by law to provide accurate TINs.

Great question! I dealt with this exact issue last year with a brokerage firm that had an incredibly long name. The key thing to remember is that the IRS matching system is primarily designed around the TIN (taxpayer identification number), not the exact business name. Here's what I learned from my experience: 1. **TIN is critical** - Make absolutely sure this 9-digit number is correct. This is how the IRS matches your reported income with what the payer filed. 2. **Partial names are fine** - Just enter as much of the company name as the character limit allows, starting from the beginning. Don't try to abbreviate or modify it. 3. **Match your 1099-INT** - Enter the name exactly as it appears on your form, even if it gets cut off in the software. Most tax software has reasonable character limits that accommodate standard business names, but some investment firms and financial institutions do have unusually long names. The IRS systems are built to handle these situations, so as long as your TIN is accurate and the beginning portion of the name matches what's on your 1099-INT, you shouldn't have any issues with processing or matching. Hope this helps put your mind at ease!

these clowns at the irs need to get it together fr. every year its the same mess 🤡

I'm going through the exact same thing right now! Filed last week and got the same "letter requesting more information" message. It's so stressful because like you said, nothing changed from last year. I called the IRS helpline but they just said to wait for the letter. Really hoping it's just routine verification like Santiago mentioned and not something more serious. Keep us updated when you get your letter!