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Navigate the complexities of international taxation with our experienced professionals of Smart Accountants!
Smart Accountant is a certified public accounting firm that specializes in international taxation. We provide a range of services to individuals, businesses, and corporations that have cross-border transactions and need to comply with complex international tax laws.
Our services include tax planning and compliance for foreign corporations owned by U.S. citizen, foreign partnerships owned by U.S. citizen, U.S. corporations owned by foreign citizen, and U.S. citizen working abroad. We can help clients navigate the special treatment of controlled foreign corporations and passive foreign investment companies, as well as assist with foreign tax credits and withholding for foreign citizen with U.S. income.
In addition to our expertise in international taxation, we are also skilled in identifying sources of income and deductions, as well as analyzing tax residency status in the U.S. We can provide comprehensive international tax reporting and compliance, as well as providing tax advice and support to our clients who are planning to set up new or expanding their existing business in United States with choosing the suitable state according to their business model type to ensure meeting their obligations and minimizing their tax liability.
We are well-versed in the FBAR and FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) requirements, and can assist clients with pre-immigration planning for those planning to obtain a U.S. green card or citizenship.
At Smart Accountant, our team of experienced professionals is dedicated to providing high-quality, personalized international tax services to help our clients stay compliant and maximize their tax savings.
Pre-Immigration Planning for Persons Planning to Obtain U.S. Green Card/Citizenship
If you are planning to move to the United States and become a U.S. green card holder or citizen, it is important to consider the potential tax implications of your move. This may include planning for the taxation of your foreign-source income, as well as understanding the rules for determining your tax residency status in the United States.
Analysis of Tax Residency Status in the United States:
Your tax residency status can have a significant impact on your tax liability in the United States. If you are a foreign person with connections to the United States, it is important to understand the rules for determining tax residency status, as well as any potential implications for your tax liability.
Analysis of beneficial state for setting up new/Expansion of business
United States has 50 states and each state has its own sets of regulations and tax rates. If you’re planning to set up or expand your business in United States, it is important to research on which state is suitable for your business model type and how you can run the business with minimum tax liabilities.
Taxation of U.S. Persons Working Abroad
If you are a U.S. person working abroad, there are specific rules that apply to the taxation of your income. These rules may include exclusions or deductions for foreign earned income, as well as rules on the taxation of certain types of foreign income (such as income from foreign pension plans).
Withholding for Foreign Persons with U.S. Income
If you are a foreign person with U.S. income, there may be requirements for withholding U.S. tax on that income. These requirements may depend on the type of income received and the country of your citizenship, as well as any tax treaties that may be in place between the United States and your home country.
Foreign Tax Credits
If you are a U.S. person who pays foreign taxes on foreign-source income, you may be able to claim a foreign tax credit on your U.S. tax return. This credit allows you to offset the U.S. tax liability on your foreign-source income by the amount of foreign taxes paid.
FBAR and FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)
The Foreign Bank Account Reporting (FBAR) requirement and the Foreign Account Tax Compliance Act (FATCA) are two important compliance regimes that affect foreign entities and individuals with connections to the United States. The FBAR requirement requires certain U.S. persons to report their foreign financial accounts to the Internal Revenue Service (IRS), while FATCA requires foreign financial institutions to report certain information about their U.S. account holders to the IRS.
Taxation of Foreign Corporations Owned by U.S. Persons
If you are a U.S. person (e.g. a U.S. citizen or resident) who owns a foreign corporation, there are certain rules and regulations that you need to be aware of. These include rules on the taxation of the corporation’s income, as well as rules on the reporting and disclosure of your ownership interest in the corporation.
Taxation of U.S. Corporations Owned by Foreign Persons
If you are a foreign person (e.g. a non-U.S. citizen or non-resident) who owns a U.S. corporation, there are specific rules that apply to the taxation of the corporation’s income. These rules may differ depending on the country of your citizenship, as well as any tax treaties that may be in place between the United States and your home country.
Special Treatment of Controlled Foreign Corporations and Passive Foreign Investment Companies
A controlled foreign corporation (CFC) is a foreign corporation in which U.S. persons own more than 50% of the stock (by vote or value). There are special rules that apply to the taxation of CFCs, including rules on the taxation of the CFC’s income and rules on the reporting and disclosure of the U.S. person’s ownership interest in the CFC. A passive foreign investment company (PFIC) is a foreign corporation that generates a significant portion of its income from passive sources (such as dividends, interest, and capital gains). There are also special rules that apply to the taxation of PFICs, including rules on the taxation of the PFIC’s income and rules on the reporting and disclosure of the U.S. person’s ownership interest in the PFIC.
U.S. International Taxation and Tax Treaties
The United States has entered into tax treaties with a number of foreign countries in order to avoid double taxation and promote economic and cultural ties. These tax treaties may provide special rules and exemptions for various types of income and may also contain provisions on the exchange of information between the United States and the treaty country. It is important to be aware of the provisions of any relevant tax treaty when determining your tax liability.
Take your business to new heights with Smart Accountants’ International Taxation Services!
At Smart Accountants, we are dedicated to providing a range of finance, tax, and accounting services to help your business thrive. In addition to our expertise in international taxation, we also excel in audit and accounting services. Our team of skilled and experienced professionals is here to help you navigate the complexities of international tax laws and ensure compliance with all relevant regulations. Whether you are a foreign corporation owned by U.S. persons, a U.S. corporation owned by foreign persons, or a U.S. person working abroad, we have the knowledge and experience to help you succeed. Contact us today for more information on how we can support your international business.
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