Tag Archives: foreign

IRS Announces End to Offshore Voluntary Disclosure Program

The IRS has announced that it will be ending its Offshore Voluntary Disclosure Program on Sept. 28, 2018. Individuals should take advantage of the OVDP to report foreign bank accounts that haven’t been reported previously.

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International Tax Entity Classification Basics

One of the most important building blocks for any business is selecting the correct legal and tax entity type. The choice of entity classification can make all the difference when it comes to liability protection and optimizing tax outcomes, so it’s no surprise that this decision takes on a new form when thrown into the arena of international tax.

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Foreign Employees? What You Need to Know about Wage Reporting and Withholding Requirements

With nearly 17 percent of the U.S. workforce made up of non-U.S. citizens (i.e, aliens), it’s safe to say that many companies face the struggle of correctly reporting the wages paid to foreign employees.

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Final Section 385 Regulations Sharply Limit Scope

The final regulations, which go into effect for taxable years ending on after Jan. 19, 2017, eliminate the inclusion for many types of entities and provide definitions for many terms used throughout the regulations. Here is a synopsis of the exceptions and definitions:

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Unique Characteristics of Due Diligence in India

India presents a complex economic, regulatory, and legal landscape for doing business. Consequently, the success of a business venture in India is dependent on a company’s ability to traverse the Indian business landscape.

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Reporting Requirements and New Filing Deadlines for Foreign Bank Accounts

The following information provides an overview of FBAR requirements, including who must file, forms to use, reporting and filing information and an opportunity to catch up old filings through an offshore voluntary disclosure program.

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Transfer Pricing in China

When a business transaction occurs between businesses that are controlled by the same entity, the price is not determined by market forces, but by the entity controlling the two businesses.

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Doing Business in Canada

Considering doing business in Canada? Check out this summary of everything you need to know before entering this foreign market.

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Avoid Penalties Associated with Foreign Accounts

If you or an associated entity has a financial interest in, or signature authority over, certain foreign accounts, you may be required to report these accounts to the IRS annually on Financial Crimes Enforcement Network Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR).

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