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Mapping Your US Tax Footprint

The US has multiple layers of taxation, and it will all depend on where and how you will be doing business – or in accounting terms your nexus. Our tax team will help you determine all your initial tax requirements. They will make sure you meet all of your deadlines for the IRS and local state and city departments. Everything you need now and as you grow in terms of tax planning and ongoing compliance will be covered so you can focus on growing your business.

Types of US Taxes

Our tax team will handle all of the following at the least, and will always be in contact with you and our accounting team to make sure you stay in compliance and have everything filed seamlessly and on time.

Note – This is a list, and by no means is it a complete list or something you should rely on as tax advice. It is just meant to help you understand what some of your requirements may be and what we can do to help.

Foreign Filing Requirements

You will have some unique U.S. filing requirements as a Global Small Business, but we will make sure the appropriate forms are all filed on your behalf.

  • Form 5471
  • Form 5472
  • FBAR
  • FCEN
  • W8BEN
  • Various filing deadlines, some informational only with no actual tax due
  • Late filing penalties of up to $10,000 per a form

Federal Taxes (IRS)

You will have annual income tax requirements, and we will help you plan for, make any required estimated payments, and file your annual income tax returns.

  • Form 1120, 1120S, or 1065
  • Annual filing deadlines
  • Estimated tax liability payments and penalties
  • Often need US reports AND foreign financial reports to meet all annual filing requirements, and to do proper tax planning
  • State income tax returns need to be submitted with your federal return

State Taxes (Departments of Revenue)

You will also have filing requirements in one, if not many, individual states. We have a team and some great solutions for managing ongoing state tax liabilities.

  • Sales taxes
  • Employer taxes
  • Annual franchise or business property taxes
  • Annual state income taxes
  • Various forms, rules, exceptions, deadlines, penalties, and departments

Other Tax Considerations

  • City and local states often have annual or ongoing tax liabilities and filing requirements – like City of Los Angeles for example.
  • Owners may or may not be liable for personal income taxes
  • You should really consult with an expert, as the federal and local statutes are always changing

You Cannot Afford Non-Compliance

The IRS and the states have the ability to levy and freeze your bank, and essentially cripple or shut down your US business. We have been involved in abatement processes where small business owners are fighting over $100,000 in tax liabilities without even having revenue yet. In some cases we have helped them get these fees waived and get things back on track. In other cases, it is simply too late and they unfortunately had to pay steep penalties or wrap up the whole US operation.

This does not happen when you stay in compliance and have all required documents filed correctly and on time – which is why it is so important to gather all the facts from the start, form the right way, and stay on top of ongoing tax and compliance.