Tax and Accounting Services offered by our Tax Accounting Partner
Who must file taxes?
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If you have a US Company doing business in the US, your company is subject to IRS tax rules. If you are not a resident of the US, and you own a US company, or are a foreign company doing business in the US, then your company is also subject to US IRS tax rules. Do not be fooled by other companies who make the claim that as an International client "you do not have to file taxes with the IRS"!!!!!
U.S. corporations owned by foreigners and their filing requirements.
The U.S. Internal Revenue Service requires corporations to pay taxes on worldwide income. However, in many instances, foreign tax credits are given on a dollar-for-dollar basis for taxes paid in foreign countries.
Regardless of the tax consequences, all US based corporations are required to file annual Federal Income Tax returns, even if they are informational only (No Income).
As far as filing in countries outside of the US, all income is subject to taxes in the country that it is declared and is based on that countries tax rules. Failure to declare income in the country that it is earned in may result in tax penalties by that country.
Professional Director Services
All corporations unless exempt under Section 501 of the IRS Internal Revenue Code who have been in existence since the beginning of the tax year including corporations in bankruptcy must file an income tax return whether or not they have taxable income.
Tax evasion is illegal. However, tax avoidance, structuring your affairs to produce the lowest legal tax consequences, is not only legal it is necessary in today’s hectic business world. The failure to file a return is a serious matter. We can provide assistance and help prepare and file current and past corporation federal and state returns. If you have not filed taxes for the past five years we will gladly give you quotes as well.