I've heard about the S-Corp strategy but wasn't sure if it would work for an international situation. How complicated was it to set up the S-Corp election? And did you have any issues with paying yourself from US business accounts while living abroad?

Setting up the S-Corp election just requires filing Form 2553 with the IRS. The form itself isn't complex, but timing matters - you generally need to file within 2 months and 15 days of the start of the tax year you want it to take effect. For paying myself while abroad, I maintain both US and local bank accounts. I pay my "official" salary from the business account to my US personal account, then transfer money as needed to my local account. You'll want to document everything clearly - keep records of transfers and maintain separate business and personal accounts. The biggest challenge was figuring out the "reasonable salary" requirement, as it needs to be justifiable if audited. I worked with an accountant to determine an appropriate amount based on comparable roles in my industry.

This is super important! I got hit with double taxation because I didn't properly structure my business activities between the US and Thailand where I was living. There's a tax treaty between US and China that might help avoid double taxation, but you need to know how to properly claim those benefits.

22 You can file without the actual W2 by using Form 4852 (Substitute for Form W2). You'll need your last paystub to estimate your earnings and withholdings. BUT you should only do this after trying to get your W2 from your employer and then contacting the IRS for help. The downside is your refund might be delayed while the IRS verifies your information. If your estimates are significantly off from what your employer reports, you might need to file an amended return later.

5 Thanks for the info! I'll try contacting my employer one more time tomorrow, and if that doesn't work, I'll try the IRS route before using Form 4852. Hopefully I can still get my refund relatively soon - I hate how one missing form can mess up everything!

1 Oh! I didn't think of that! We did use some online system for viewing our paystubs. I'll try logging in tonight to see if I can access it. Hopefully my account is still active even though I don't work there anymore. That would be such an easy solution!

Is the PTIN requirement just for CPAs or does it apply to all tax preparers? My aunt does taxes on the side and I'm not sure she has this number you mentioned.

The PTIN requirement applies to ALL paid tax preparers, not just CPAs. This includes enrolled agents, tax attorneys, and anyone who prepares tax returns for compensation. The only exception is if someone is preparing returns as an unpaid volunteer. If your aunt charges money for tax preparation services, she legally needs a PTIN. It's not optional - it's a federal requirement. The IRS uses these identification numbers to track preparers and hold them accountable for the returns they submit. Without a PTIN, she shouldn't be charging for tax preparation services at all.

This happened to my coworker too! Their preparer claimed random deductions they weren't eligible for and their refund was huge. They got audited two years later and had to pay everything back plus penalties. The preparer was nowhere to be found by then.

Thank you so much for this specific advice for Robinhood! I just sent the email with that exact subject line and all the details you mentioned. I don't have Twitter but might create an account just for this purpose if I don't hear back soon. Did you have to wait long after sending the email before they responded? I'm getting really nervous as the deadline gets closer.

I got a response within 2 business days to the email. The Twitter route was actually faster - got a response same day, though it took about 3-4 days total to fully resolve the issue. They'll likely ask you to resubmit the form through their secure message center inside the app, which is fine. The important thing is getting your case flagged in their system so it doesn't just sit in the general queue. Once the right department has it, they're actually pretty efficient.

I've had success with this approach too. Most brokerage agreements have an arbitration clause, and just mentioning that you're "reviewing the dispute resolution section of your account agreement" can suddenly make things move much faster. They don't want to deal with the hassle and cost of formal arbitration.

I tried looking on their website but couldn't find it anywhere. And googling my small local credit union didn't turn up the EIN. Maybe I should just call them?

Yes, calling them is definitely your best option if you can't find it online. Ask specifically for their "federal employer identification number" or "tax identification number" for 1099 reporting purposes. Make sure to have your account number handy as they'll likely need to verify your identity before providing any tax information. Local credit unions usually have much shorter hold times than big banks, so hopefully it won't be too painful!

The IRS did make some changes to the 1099-INT form for 2024. The payer's EIN should be in the top left section now in its own designated field. Some banks are using the updated format while others are still using older versions. If your form is missing the EIN field entirely, that's definitely a mistake on the bank's part.