Entities - what are they and how TFX helps manage them

What is an Entity?

While primarily a personal tax preparation service, TFX clients have businesses, trusts, corporations, and other entities. 

We have introduced this new feature ( Entities & Accounts) to help track due dates, filing requirements, and allow clients to have full transparency to the status of their filing requirements and deadlines for these entities. 

What are the different types Entities and how do I know which I have?

Here are the types of Entities that you may have:

US Corp: S-Corp
US Corp: C-Corp
US Trust: Revocable
US Trust: Irrevocable
US Single Member LLC: US Owner
US Single Member LLC: NRA (non-resident alien) owner
Non-US Partnership

Please select if you have interest in a non-US business entity with unlimited personal liability

This means business is not LTD or LLC - the LL stand for Limited Liability)
Non-US Corporation: US owner

Please select if you, the person who will be filing a tax return, are a US person and own at least 10% stock individually or collectively with a spouse, parent, or a child. This presumes the Corporation has no business activity in the US.
Non-US Corporation: Non-resident alien owner

Please select if you, the person who will be filing a tax return, are an NRA (non-resident alien) owner and the corporation has business activity in the U.S. 
Non-US Trust

Please select if you are contributed cash or property ('US Grantor') to a non-US trust or you are a U.S. beneficiary receiving distribution from a non-US trust

Where can I see my Entities?

Navigate to the Entities & Accounts section from your left sidebar.

Entities can be added either automatically or manually. If you've indicated in your TQ that you have US Corporation, Foreign corporation, or Trust, information about them will be added to this section automatically. 

Adding an Entity

To add information manually, follow these steps:

1. Browse to Entities section, then click + Create New Entity button.

2. Select the entity type ( see list above), enter all necessary information about your entity, then click Save

The information about the entity will be added to the Entities section. Click the pencil icon if you need to change/add any information on a saved entity or to delete it (see below).  

Deleting an Entity from the Entity Section & the Tax Questionnaire (TQ)

If you delete an entity, we will automatically remove any unpaid extension requests. If you have paid for an extension, we will maintain the history of the extension for your records.

To delete an entity, browse to the  Entities section, click the pencil icon next to it, click the Delete account link, then confirm by clicking the on the Delete button. 

To delete an entity from your Tax Questionnaire (TQ), exit out of the TQ by clicking on the Entities section, click the pencil icon next to it, click the Delete account link, then confirm by clicking on the Delete button. This will also remove the Entity details of the Corporation & Trust section on the Tax questionnaire. 

Entity no longer exists - What do I do?

If the entity no longer exists, either through a sale or dissolution, please mark the date in the field "Date of Dissolution"

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