Gamburg CPA, P.C. | International Tax Services 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.
Contact Us: https://www.gamburgcpa.com
Directions: https://bit.ly/2ZSvNLS
Phone: 212-247-2525
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