International business needs are ever changing, driving constant changes in the international tax landscape along with them. All of this change provides new opportunities for business owners while stimulating new tax exposure. If you are an international business owner or investor, it is imperative that you keep yourself up to date with the array of filing requirements and tax rules.
Keep in mind there are substantial penalties if you are caught not complying with the rules, and you may even be found willfully negligent (neglectful). Because of the intensity and importance of the matter, you will always want to have the advice of an international CPA like Wasatch CPA Services when assessing international business activities. An international CPA can also help with tax compliance and tax planning for your existing international business activities.
International CPAs work with businesses that have overseas or global interests. They also work with individuals who have financial interests in countries other than the United States. Some of the more common things you will find Wasatch CPA Services handling include:
If you are a United States citizen, resident or U.S. tax resident and you had a foreign account with a balance of more than $10,000 USD at any point in the year, you must file a Report of Foreign Bank and Financial Accounts (FBAR). If you do not file, you can be fined thousands of dollars.
Because the penalty is so high most people prefer to leave FBAR filing to their CPA. In fact, this is a very common reason many taxpayers will require the services of an international CPA.
Whether you are expanding from the United States or into the U.S., you will want help navigating the ever-changing tax codes. An International CPA is someone who can guide you and make sure that you are always in compliance and not getting hit with heavy fines and penalties. They can also help with tax planning as your situation changes and your business grows abroad.
Wasatch CPA Services and other International CPAs provide international tax services to companies and help them navigate the world of “global mobility.” They can help to establish your overall international business strategy, explore tax equalization policies, and guarantee that you meet the tax compliance requirements for all the locations where you do business.
Individuals also need International CPAs for help with determining their tax liability, filing a tax return, and comprehensive tax planning.
International CPAs must be certified public accountants first. This means that they must earn a bachelor’s degree as well as a CPA designation. A CPA designation is earned by passing the CPA exam. There are four parts to the Uniform CPA Examination, and a CPA candidate must pass each part successfully. In addition, one to two years of experience is also required to receive a CPA license.
If you need the services of an International CPA, schedule a consultation with Wasatch CPA Services so we can help you with all of your global financial needs.