If you frequently travel to the US for business, it’s imperative to know your tax obligations. Non-compliance with international tax laws can lead to penalties and negatively affect your future travel plans. To help you avoid such outcomes, here are the most important things to know about US tax...
A multinational business has assets in more than one country, generating at least 25% of its revenue from operations outside the home country. There are different models of multinational corporations. Multinational corporations typically have a central office in the home country, coordinating and managing other branches and assets. Below,...
If your business carries out foreign operations or trades in foreign currencies, you understand the complications that may arise in the accounting arena. You need a consistent method to translate accounting items from the functional currency to the reporting currency. The International Accounting Standards Board requires a consistent currency...
Understanding the Voluntary Disclosure Program (VDP) may be an essential part of filing your taxes if you have an international business. The VDP is an Internal Revenue Service (IRS) program that taxpayers can use to reduce or eliminate the Foreign Bank and Financial Accounts (FBAR) Violation Penalties. The VDP...
The term “hedging” refers to an array of strategies used to reduce risk when conducting international business. The practice seeks to minimize the consequences of negative market movements, allowing companies to establish more reliable estimates of revenue. However, hedging is a concept that can often seem confusing. It’s not...
Creating any business is a time-consuming endeavor which takes a lot of know-how, time, and dedication which can plague even the most diligent business owner. Being at the helm of a U.S.-only based business is complex enough but a business with foreign interests adds a whole new level of...
In today’s uncertain economic times, businesses are looking for any advantage they can get in helping ensure cash flow, investment opportunities, and tax advantages. Tax reform has created various opportunities for businesses with an international presence to prosper and be able to put the profits reaped from overseas trade...
The IRS has revised the instructions for Form W-7, “Application for IRS Individual Taxpayer Identification Number.” The revision provides that Certifying Acceptance Agents (CAAs) can verify original documentation and certified copies of items from the issuing agency for primary and secondary applicants and their dependents — with a newly...
The Large Business and International (LB&I) division of the IRS recently announced a new compliance campaign targeting self-employed individuals in U.S. territories who underpay or fail to pay their self-employment taxes. The self-employment tax is equal to the Social Security and Medicare taxes on net earnings from self-employment. For...
The IRS recently changed the process under which it accepts requests for verification that it has received a filed FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR). Before November 19, 2019, the agency allowed FBAR filers to call its FBAR hotline to obtain verbal verification of...
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