Financing, tax rates, and accounting
Hello there,
My business is registered in India but my customers are located in the US. Obviously I will be paying applicable taxes to the Indian Government. Regarding US taxes, I have confirmed that I don't have to pay US federal and state taxes for the time being as I don't have Nexus in the states for now.
However I am not sure if I am obligated to report my income to the United States IRS and if I have to obtain any Tax ID or relevant paperwork bla bla bla for tax reporting purposes . As far as I am concerned, I don't think I have to do it since my business is registered outside the US. And I am guessing one would need to have a US registered business to obtain a TAX ID. But I just wanted to double check it from the right people.
Just in case the answer to the question is yes, I would very much appreciate if the steps could be explained in slight detail. Thanks in advance.
Best
Prava
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