For U.S. persons investing overseas, the tax laws and regulations are very complex and extremely regulated. As investors and multinationals expand globally, they are faced with the complexities of multi-jurisdictional taxation. To remain competitive and in compliance with tax laws, they will need to examine the tax implications of their business and investment strategies in each jurisdiction where they plan to invest or conduct business. Whether you are planning to open a business or invest overseas, our dedicated international tax advisers can help you with:
- Choosing the optimal entity
- U.S. tax deferral planning by using the most tax efficient type of structure
- U.S. federal and state income tax return preparation for corporations, individuals and trusts
- Foreign tax credit planning and consulting
- Transfer pricing planning and documentation
- Income sourcing and allocation and apportionment of expensesOptimization of gains and losses from foreign currency transactions
- Assistance in the acquisition and/or sale of foreign businesses
- Information return of U.S. taxpayer (officer/director/owner) with respect to certain foreign corporations
- Information return of U.S. taxpayer with respect to certain foreign partnerships
- Information return of U.S. taxpayer with respect to certain foreign disregarded entities
- FATCA – Filing of mandatory statement of specified foreign financial assets
- FBAR – Report of Foreign Bank and Financial Accounts
- Report transactions with foreign trusts and receipt of certain foreign gifts
- Initial and annual expatriation statement
- U.S. departing Alien income Tax Return
- Assistance with IRS “amnesty” programs
- Applicability of tax treaty provisions
- Translation of Tax forms into English for 37 countries
- Repatriation planning and reporting
Helping You Stay in Good Standing
A U.S. person who plans to invest or conduct business through an entity outside the United States should be aware that the Internal Revenue Service is increasing its scrutiny of taxpayers who have or control foreign financial accounts, including bank accounts and investment accounts, or who have failed to disclose interests or report income from foreign corporations, partnerships, gifts, trusts, or estates. Taxpayers who fail to properly disclose foreign investments or assets risk significant civil and criminal penalties. (Civil penalty equal to the greater of $100,000 or 50% of the balance in the foreign account) + (Criminal Penalties – prison terms of up to ten years and criminal penalties of up to $500,000)
Gonzales & Parthners CPAs, LLC can assist you with all your international accounting and tax needs. Our typical outbound clients include U.S. persons investing abroad, foreign investors who became U.S. residents, law firms that specialized in international taxation and other local CPA firms who do not have expertise in international taxation. In addition, we assist Banks with the translation of foreign tax forms into English for their international clients. Our international tax advisors can perform a detailed assessment of internal tax issues related to your specific operations and make sure you stay up to date on new tax, legislative and regulatory developments.