Penalties of Doing Business in Tax-Free Zones
Tax Free Zones are popping up all over the world… countries outside of the United States, states within the US and the internet, just to name a few. While it seems like a great deal to be able to make a purchase or trade goods in areas without taxes, this can get complicated.
Inside the US, our government and legislators are trying to sort these issues out right now and the rules and regulations can get muddy. There is much legislative debate about whether internet sites should have to charge sales tax. In addition, the state of New York is also trying to battle a rough economic recovery by encouraging economic development in parts of the state that have been hardest hit. Making them “tax free zones” if only for a short period of time, could be the boost that they need to help pull these communities out from under near financial ruin. But, is any of this fair to local businesses trying to stay afloat?
Internationally, tax free zones can be particularly tricky and can have significant penalties and implications for your personal or business’ annual tax returns. It is often necessary to enlist the help of a tax firm to help navigate these kinds of complex issues so that when it is time to file your return, you will have the information that you need.
Helpful guidance from Success Tax Relief
Success Tax Relief is a full service tax firm that is dedicated to solving a wide variety of tax problems for customers all over the globe. We feel like it’s our job to know the intricacies of the tax law, so that you do not have to. Issues like the penalties of doing business in tax free zones change often, so it is important to partner with a company that can help you stay in good standing with the IRS. As with so many things, sometimes if something seems to be too good to be true, it probably is. We can help you decipher difficult tax issues and come up with a solution that works for you or your growing business.
Often, we find the best practice is to gather information ahead of time about your personal or business goals so that we can help you make decisions with full knowledge of tax implications and penalties in mind. We understand that this is not always possible, however, and are happy to also work with you to solve a tax problem that has already escalated to a point in which the IRS is requesting information or money from you.
Contact us today
Our experienced tax experts at Success Tax Relief are ready and available to help you get started today. You can call us at 1-877-825-1179 if you have questions about penalties of doing business in tax free zones, back taxes, offers in compromise, audit appeal or just need help with basic tax preparation. We can help take away the stress about many complicated tax problems. Give us a call today and we will get to work for you!