By now, you’re probably familiar with FATCA… similar to the OECD’s Common Reporting Standards (CRS),
Author Archives: Stephanie L. Chapman, CPA
The IRS has issued sweeping changes to the way U.S. taxpayers are required to report interest in foreign bank accounts. Although taxpayers were always required to report and pay taxes on income earned in foreign accounts, not until recently did the IRS along with other government agencies step up enforcement to eliminate attempts to avoid paying taxes.
Does your foreign company sell products online to American customers? Are you interested in accepting payment in US dollars? If so, it may interest you to learn that to do so you must establish a US based entity which can accept the payments through a US bank account.
Does your company contract with the U.S government? Are you foreign owned? If so, it may interest you to learn that the U.S. government follows a policy of Buying American. This means that whatever you sell to the government needs to be sold by a U.S. company.
Starting a business in the US can be a rewarding experience for many. However, there are a lot of items to consider and issues to be aware of before you open your doors. The good news is that foreign nationals are able to create and open a US business as quickly and easily as Americans.
Most small business owners are looking for new ways to drive profitability while reducing costs.
In recent years, the IRS, Department of Treasury, and other U.S. regulatory agencies have focused on implementing/enforcing reporting programs to ensure U.S. citizens with foreign income are submitting proper reports to the IRS. One of the reports, the Report of Foreign Bank and Financial Accounts (FBAR) is required to be submitted to the Department of Treasury by June 30, 2015.