What is International Compliance?
Over the past years, U.S. reporting of foreign operations has become increasingly complex and rapidly changing. Specific compliance rules and requirements often do not have clear guidance and can cause CPAs to stay up at night. As you may be aware, significant penalties can be assessed for failure to report or incomplete filings. These penalties are often in excess of $10,000 and can exceed $100,000 if a specific number of years and/or entities are involved. Despite the recent Fahey court case, which limits the IRS’s ability to access these penalties, the IRS is going to either challenge the ruling and/or determine a streamlined procedure with the Department of Justice to access penalties under civil action (28 USC 2461(a)).
With significant experience in international tax reporting, McGuire Sponsel’s Global Business Services team uses a consultative approach for compliance that starts by understanding each client’s goals and structure. Together, we can provide your clients with accurate international compliance filings and secure information needed to explore tax savings ideas on their behalf, including transfer pricing, restructuring, and cash repatriation. Analyzing these options allows you as their CPA to navigate your clients toward the lowest global effective tax rate.
Once global requirements are understood and met, we can then determine what is required to meet U.S. compliance. Our partnership doesn’t stop there — we can also prepare and review international tax filings, depending on your internal needs. Don’t let international compliance be complex and intimidating. We can partner with you to support, not supplant, your clients’ needs that will best position you long-term with growing clients.
Reach out to our Global Business Services team to learn more about how a partnership with McGuire Sponsel can deliver solutions that add value for a wide range of industries and company sizes.
Jason Rauhe, CPA is a Principal in the firm’s Global Business Services practice and is responsible for assisting clients and adding depth in all areas of the firm’s international tax consulting services including transfer pricing, and the firm’s compliance expertise.
Rauhe previously served as Director of International Tax at a Top 100 CPA Firm, where he was responsible for the firm’s international tax division and major industry alliance networks.