How do I deal with taxes if I am with a foreign oartner LLC? 2 Answers as of April 18, 2011

I am a partner in a 2-person LLC that is majority owned by a foreign Dutch partner. My partner's share was $500,000 this year. 1. When I distribute profits to him how much do I have to withhold? 2. We have losses accumulated, of $200,000 - how do I offset?

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David Hoines Law
David Hoines Law | David Hoines
You need a good CPA with numbers like this.
Answer Applies to: Florida
Replied: 4/18/2011
Meyer & Yee, LLP
Meyer & Yee, LLP | Kent W. Meyer
Withhold 30 percent. Then he will file a tax return and claim a refund if appropriate.
Answer Applies to: California
Replied: 3/23/2011
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