Table of contents:
Types of entities
Although TFX is mainly a tax preparation service for individuals, it also serves clients with businesses, trusts, corporations, and other entities. TFX prepares tax returns for individuals with the following entities:
U.S. C-Corporation | C-Corp |
U.S. S-Corporation | S-Corp |
Non-U.S. Corporation | U.S. Owner
The person filing a tax return is a U.S. person and owns at least 10% stock individually or collectively with a spouse, parent, or child. This presumes the Corporation has no business activity in the U.S. |
Non-U.S. Corporation | NRA (non-resident alien) Owner
The person filing a tax return is an NRA (non-resident alien) owner and the corporation has business activity in the U.S. |
U.S. Partnership | The person filing a tax return is interested in a U.S. business entity with unlimited personal liability, which is not LTD or LLC (L.L. stands for Limited Liability). |
Non-U.S. Partnership | The person filing a tax return is interested in a non-U.S. business entity with unlimited personal liability, which is not LTD or LLC (L.L. stands for Limited Liability). |
U.S. Single Member LLC | U.S. Owner |
U.S. Single Member LLC | NRA (non-resident alien) Owner |
U.S. Trust | Revocable |
U.S. Trust | Irrevocable |
Non-U.S. Trust | The person filing a tax return is a U.S. beneficiary receiving the distribution from a non-U.S. trust, or contributed cash or property ('U.S. Grantor') to a non-U.S. trust. |
Create an entity
While completing a Questionnaire, you may indicate that you have a U.S. or non-U.S. corporation, partnership, or trust, and the information about it will automatically be added to the Entities & Accounts section.
Additionally, you can add an entity in the Entities & Accounts section. To do it, follow the steps:
Navigate to the Entities & Accounts page and click Create New Entity button.
Select the entity type (see the list above), enter all necessary information about your entity, and click Submit.
Manage entities
You can change/add information about the saved entity. To update it:
Navigate to the Entities & Accounts page and click the Pencil icon.
Update all necessary information and click Submit.
Indicate that the entity no longer exists
If the entity no longer exists, either through a sale or dissolution, please enter the date in the Date of Dissolution field.
Delete entities
You can delete the entity from the Entities & Accounts section and your Tax Questionnaires. To delete it:
Navigate to the Entities & Accounts page and click the Pencil icon.
Click the Delete entity link at the bottom and confirm by clicking the Delete button.
❗ Important notes:
This will also remove the entity details in the Corporation & Trust TQ section.
We will automatically remove unpaid extension requests if you delete an entity. If you have paid for an extension, we will maintain the history of extensions for your records.