International tax can be one of the most complex and costly challenges faced by individual and companies with global operations. With increasing focus on international compliance by the I.R.S. and a constantly changing business and legal environment, multinational businesses are burdened by numerous complex tax issues, competing priorities, and limited resources.
US Citizens with Foreign Income or Financial Assets
If you are a US citizen, the United States requires you to file a tax return every year on your worldwide income, no matter where you are a resident. This also applies if the income was earned outside of the US, and regardless in which currency the income was earned.
For US citizens there are strict rules regarding reporting of foreign assets such as bank accounts and other financial investments or ownership in a foreign businesses. We can help you comply with the Foreign Account Tax Compliance Act (FATCA) and Report of Foreign Bank and Financial Accounts (FBAR).
The reporting thresholds are differet for each of these forms. If the total value of your foreign financial accounts exceeds $10,000, you will be required to file the FBAR. You will be required to file Form 8938, Statement of Specified Foreign Financial Assets if the total value of your foreign assets is more than $50,000 if you live in the United States or more than $200,000 if you live outside of the United States.
Resident Aliens and Foreign Residents
Of course, US taxation and tax planning also play an important role for international entrepreneurs and companies looking to invest or expand their business in the United States. If you are living in the US or are a US Greencard holder, you will need to file an annual tax return. For tax purposes, you will be treated similarly to a US citizen with many of the same deductions and credits.
If you are not a US citizen but have income or investments in the United States, you may face special tax needs. There are 30% withholding taxes for certain types of income such as interest, dividends or rental income from real estate. We can help you comply with US tax and accounting requirements and provide planning to help you reduce your tax and compliance burdens.
International tax services
Entity structuring and tax planning
Repatriation of earnings
Foreign tax credit planning
Income tax treaty analysis
International tax compliance
Foreign country incentives
Expatriate tax planning and compliance