If you decide to start a business in the United States, you can organize the business without regard to the citizenship of the business owner and choose from a range of legal entities. When companies from overseas create a business, the most commonly-used type of entity is a business...
The United States government is making a significant push for a corporate global minimum tax rate, which could introduce sweeping changes to international tax law for the first time in decades. As an international business, it’s critical to understand how this global minimum tax might impact your operations and...
At some point, many businesses face the decision on whether or not to become multinational. A multinational business has certain advantages that others might not, including locating different parts of the supply chain in different countries and specializing parts of the production process in different areas of the world....
If your company is a foreign-owned U.S. subsidiary, you will be subject to specific reporting requirements with the IRS. If you don’t meet the reporting requirements, you might be subject to penalties and not receive tax treaty benefits that you are eligible for. What are the reporting requirements that...
Multinational companies have unique tax situations, and one of the sets of rules that they are required to follow is Controlled Foreign Corporation regulations. A Controlled Foreign Corporation (CFC) is any foreign company that has 50% or more of its stock owned by American shareholders. The CFC laws directly...
Foreign-derived intangible income is any income that your company receives from exporting products tied to intangible assets like patents, trademarks and copyrights that are held in the US. The term was defined and explained further in the 2017 Tax Cuts and Jobs Act. While determining what foreign-derived intangible income...
State and federal taxes are things that many business owners feel like they have a good grasp of, but foreign source income is much more complex. All countries tax the income that multinational companies earn inside of their borders. The United States also has a minimum tax applied to...
As of this year, over 6.8 million Americans are living abroad. As U.S. citizens, each one is expected to pay international tax. Unfortunately for those millions of expats, living in any foreign country does not exclude you from paying taxes. According to the Internal Revenue Service (IRS), American citizens...
The United Nations panel on Financial Accountability, Transparency, and Integrity (FACTI) is putting together a report to be released in January 2021. This report proposes an international tax convention that will have a global impact on companies operating multi-nationally. If enacted, the international tax convention will impose sweeping changes....
Most major corporations create separate subsidiaries for doing business in foreign countries. This tactic minimizes a parent company’s international taxes, among other financial benefits. Before looking at said benefits in detail, it’s important to understand the difference between parent and subsidiary companies. What is a Parent Company? A parent...
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