Foreign Owned Business - how to report

Paying for College
1

New to group. Wading through the financial aid process and some schools want the Business/Farm Supplement filled out as a result of well, owning a business. FAFSA doesn’t seem to care as its a small business so no worries there.

Here is where it gets interesting. If you read this form they say to get out your 1120 to help fill in your form. Well…my business is in another country and another currency. My corporate tax return (in Canada) doesn’t match up with this form at all. Also,what to do about the currency differences?

So, do I just wing it here and try to make a round peg fit into a square hole or is there another direction I should go? Would hate to waste my time trying to make this work if there is an easier or other way.

Thanks

2

The currency differences question is easy. Simply convert to U.S. dollars using the prevailing exchange rate as of the day that the form is completed. For form responses based on the IRS 1120, try to extract the requested data from your Canadian tax return and your business financial documents. You can use the remarks section at the end of Profile to explain your dilemma and the workaround you used.