Print Posted on 11/16/2021

Gamburg CPA, P.C. | International Tax Firm New York, NY

Gamburg CPA, P.C. | International Accounting Firms New York, NY

There’s more than meets the eye with international tax services.

When you hear the words “international tax,” you usually envision a multinational firm with thousands of employees and offices in far-flung countries. However, you do not have to be a giant conglomerate to be subject to foreign tax obligations (or eligible for breaks).

Did you know?

You must record foreign-sourced income on your U.S. tax return if you are a citizen or resident of the United States and you have income from another nation. This is because U.S. citizens and residents are subject to taxation on their worldwide income.

It is possible that your company will qualify for tax savings if it manufactures and sells goods to clients in other countries.
The IRS requires you to record foreign bank accounts if you own, inherit, or have signature control over them if you have a net worth of more than a particular amount.
If you invest in a foreign company, you will also be subject to reporting requirements, as will holding foreign bank accounts.
You may be subject to tax withholding when you sell real estate in the United States, as well as income tax if you rent out the property or make a profit on the sale if you are not a citizen of the country in which you live.

The bottom line is… the complications are real for even the smallest of international endeavors.

Directions: https://bit.ly/2ZSvNLS

Phone: 212-247-2525

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