Despite the global nature of modern business, your neighborhood tax preparer likely has limited experience dealing with foreign holdings or businesses with foreign investors. Failing to adequately report these situations will result in massively disproportionate penalties, making compliance critical to avoiding financial messes.
If you have foreign bank accounts or overseas investments, you might need to to file specialized tax forms like Foreign Bank and Financial Accounts (FBAR) or FinCen Report 114. These forms require disclosure of various overseas assets, and failure to file these can create significant penalties. South Florida is a hub of foreign investment and investors, both native born citizens and immigrants with business holdings from their former homes. If you conduct any business overseas, make sure you have a foreign business CPA looking out for your interests.
Modern startups have access to capital from around the world. However, your overseas investors may introduce complications in your reporting and tax filing needs. We routinely help Corporations and LLCs with foreign investors stay on the right side of the tax authorities in the United States and abroad. Being based in the Miami metropolitan area, we obviously have a tremendous amount of experience in Latin America, but our clients have investments and investors from the United Kingdom, the European Union, and the Middle East.
Knowledgeable Foreign Business CPA
All foreign business CPA needs are given an extra review, to avoid any missed items that would create problems. When necessary, we consult the underlying tax treaty or reach out to tax attorneys that specialize in matters of international taxation. We manage the process of your financial and tax compliance, so you can focus on your international business dealings without paperwork concern. If your CPA or tax preparer doesn’t ask about foreign business holdings or foreign investors, you may be out of compliance, risking extensive fines and penalties.
Foreign Business is a Core Knowledge Here
We have been helping our clients with foreign holdings since our founding. We have been writing about these issues from the beginning of our website. We reported on the need to electronically file the FBAR in 2013, and stay on top of the changes as the tax code changes and evolves.