US Resident with Business Abroad:
Ensuring adherence to international tax regulations can become a complex and anxiety-inducing task for US investors engaged in overseas operations. Beyond the numerous obligatory forms required for foreign subsidiaries, partnerships, and branches, there exists a significant risk of severe penalties for non-compliance. On a positive note, there exist numerous avenues for tax reduction when conducting international operations, so it’s crucial not to miss out on these opportunities.
Allow us to alleviate the burden from your shoulders and aid you in maximizing tax savings throughout your journey. Our services encompass the following areas:
- Fulfilling tax compliance requirements for foreign corporations (including Forms 5471, 5472, 8858, 8865, and more)
- Reporting of Foreign Bank Accounts and Financial Assets (FBAR)
- GILTI (Global Intangible Low-Taxed Income) calculations, reporting, and mitigation
- Application of foreign tax credits
- Cross-border transactions
- Tax modeling and optimization of structures
- Leveraging Foreign Earned Income Exclusion for expatriates\
- Utilization of Streamlined Filing Compliance Procedures
Non-US citizens who aren’t US residents find themselves liable for US taxation under two circumstances.
Firstly, if you earn income that is effectively connected with a US trade of business, you are required to submit a US tax return and potentially fulfill US tax obligations. Secondly, if you receive non-business income from US sources, such as dividends, royalties, or interest, you will likely need to file a US tax return and meet US tax requirements. That’s the less favorable aspect of the situation.