Tax Requirements for Doing Business Overseas
The overseas market is ripe for small business growth, so there is more and more incentive to expand your company or small business outside of the United States. The power of the internet and the growing international market has allowed international growth to happen exponentially, but there are important things to consider BEFORE you reach into this exciting new realm. The tax implications of such an expansion can be complicated and difficult. If you or your company is conducting business overseas, you will want to be sure that you proceed with care, especially as it relates to your taxes.
Important tax issues to consider as you plan your overseas expansion
- Be very familiar with issues of currency, US tax laws, as well as the tax laws in the country in which you are working. These are the most important issues to study and consider.
- Determine if you will need to follow FATCA (Foreign Account Tax Compliance Act) regulations for reporting income and assets to the IRS. FATCA now requires foreign banks to report this financial information directly to the IRS.
- Investigate the many tax breaks and deductions that you/your business may qualify that can make expansion into the overseas market even more lucrative.
- Consider hiring help. The simplest thing that you can do to handle your tax issues properly is hire the help of a reputable tax company. They are paid to be aware of all new tax laws and regulations and how to appropriately plan for an overseas component.
Success Tax Relief can help you navigate this process
Success Tax Relief is a full service tax relief firm that specializes in a wide variety of tax issues, including supporting businesses and individuals who are conducting business overseas or who are in the process of planning this type of international expansion. We are based in the Houston, Texas area but have clients all over the United States who are working in overseas markets. It is OUR job to be sure that we are current on all IRS rules and regulations related to overseas tax issues so that you do not have to worry about this part of your business. We think that you have plenty to focus on, so let us handle any of your tax issues.
Our goal at Success Tax Relief is to work with you up front to identify any/all tax issues that apply to you or your company and develop a detailed plan for managing them. This will ensure that you and your business follow all of the appropriate steps to stay in compliance with all US and overseas tax law so that when it is time to file your annual tax return, there are no surprises.
Our experienced tax specialists at Success Tax Relief are standing by, ready to partner with you so that you can stop worrying about tax issues and focus on forging your business’s growth and success. Call us today at 1-877-825-1179 to get started! The sky is the limit for your business and we are here to help!