International Tax Compliance Experts

International Tax Compliance

As the IRS continues to ensure US taxpayers with international tax compliance reporting requirements are paying their share of US tax on their income from global operations, international tax compliance will continue to be a growing requirement for US taxpayers. International tax compliance is often an intimidating and worrisome endeavor, not just for corporations with international activity, but also for experienced CPA firms. The international tax compliance requirements corporations with international tax needs face are extensive and growing every year. Further, the IRS continues to expand and improve its international tax compliance enforcement regime. These factors place a significant burden on Corporations and CPA firms with foreign operations. Tax preparers with limited international tax compliance experience are likely to miss filing requirements or incorrectly prepare required documents, exposing US taxpayer with international tax reporting requirements to substantial penalties from the IRS. Due to these large risk factors associated with international tax compliance, it would behoove corporations and CPA firms with international compliance reporting requirements to turn to a team of international tax compliance experts, like McGuire Sponsel’s Global Business Services team. A team of international tax compliance experts offers a full suite of international tax compliance services and well-established tax compliance processes to ensure the completion of all required tax compliance work efficiently and accurately. Further, an experienced team can help improve efficiencies in a taxpayer’s tax compliance process, reducing the financial burden associated with international tax compliance and giving taxpayers the peace of mind that all of their international tax compliance reporting requirements are fulfilled. Importantly, as part of its international tax compliance services, an experience international compliance team, like McGuire Sponsel’s Global Business Services team, will also stay on top of regulatory updates and international tax compliance requirements, further shifting the tax compliance burden from the taxpayer.

International Tax Services

McGuire Sponsel’s experienced and well-rounded Global Business Services team offers clients a suite of international tax services to meet their international tax needs at every turn. The team of trusted international tax advisors and international tax consultants is particularly adept in providing clients international tax advisor services for international tax compliance. They are particularly adept in providing international tax advisor services for international and US tax compliance services, but are focused on corporations versus international tax services for individuals. Instead of only focusing on a client’s international tax compliance reporting requirements, the Global Business Services team reviews the client’s international tax compliance needs from top to bottom. This increases the benefit clients receive from the team’s international tax services, offering clients ways to reduce their international tax compliance reporting burden through improvements, like a detailed transfer pricing study or a more tax efficient company structure. After this international tax advisory service has been completed, McGuire Sponsel then helps the client across the international tax compliance finish line, providing the client complete international tax compliance services to meet their international compliance filing requirements with the IRS. The Global Business Services team of international tax consultants will identify all required international tax compliance forms to be filed with the IRS. Once those have been identified, the international tax consultants will prepare and review the international compliance forms before providing them to the client to be filed with their US tax return. When searching for an international tax advisor near me, the team at McGuire Sponsel can meet all of your needs. The streamlined and thorough approach to international tax services has made McGuire Sponsel one of the best international tax advisors teams in the nation, providing clients with a trusted international tax advisor for all of their international tax compliance needs.

International Tax Form 5471

One of the most daunting forms in the US international tax compliance space is international tax Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations. IRS Form 5471 has a litany of schedules, some of the most confounding being form 5471 schedule E, form 5471 schedule I-1, and form 5471 schedule Q. Some of which must be completed and others that do not. It all depends on the category of filer filing the IRS Form 5471. This convoluted list of IRS Form 5471 filing requirements makes the international tax Form 5471 one of the most commonly missed or incorrectly complete forms in US international tax compliance, leading to large penalties for US taxpayers. For this reason, it is important for US taxpayers to use an experienced team of international tax compliance experts, like McGuire Sponsel’s Global Business Services team, to complete their Forms 5471. An experienced team knows exactly what information is required on each of the IRS Form 5471 schedules, including Form 5471 schedule E, Form 5471 schedule I-1, and Form 5471 schedule Q. They can also stay on top any of the changes to the Form 5471 instructions. Every year, the IRS makes clarifications or adds additional schedules to the international tax form 5471. The IRS, for example, added two new schedules, forms 5471 schedule Q and Form 5471 Schedule R, to the form 5471 instructions 2020. In addition to form 5471 2020, we also are closely tracking updates to form 5471 instructions 2021. A team like the Global Business services team stays current with these international tax form 5471 changes and provides taxpayers with certainty that there IRS Forms 5471 will be completed in line with the form 5471 instructions.

International Tax Form 5472

Many clients ask us what is IRS form 5472 and what are the IRS form 5472 filing requirements. This is a key form for foreign-owned U.S. corporations is international tax Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. While the IRS form 5472 instructions can seem complicated, IRS form 5472 can actually be pretty straightforward international tax compliance form to complete for an experienced preparer. It is crucial that an experienced team, like McGuire Sponsel’s Global Business Services team reviews a client’s international tax position to determine when international tax form 5472 is required to be file according to the IRS form 5472 filing requirement. If international tax form 5472 does need to be prepared, the Global Business services team will ensure international tax form 5472 is completed according to the IRS form 5472 instructions. An inexperienced preparer may miss these international tax form 5472 filing requirements or misunderstand the IRS form 5472 instructions, leading to significant IRS form 5472 penalties for the US taxpayer. For this reason, it is critical that US taxpayers involve an experienced team, like the Global Business Services team. While making sure that international tax form 5472 is filed according to the IRS form 5472 instructions, the Global Business Services team will also stay on top of other international tax compliance issues brought about by international tax form 5472, including any IRS form 5472 transfer pricing requirements generated by the IRS form 5472. This ensures that US taxpayers with international tax compliance requirement are not exposed to costly IRS form 5472 penalties or IRS transfer pricing penalties brought about by IRS form 5472 transfer pricing requirement.

International Tax Forms

International taxes for U.S. citizens and corporations are wide ranging, often leading to confusion for even the most experienced tax preparer. For US taxpayers with global business operations, knowing which international tax forms to file and when to file those international tax forms is often a daunting task in itself, let alone completing the required international tax forms properly. To simplify the start of the international tax process, McGuire Sponsel has prepared an international taxation PDF for taxpayers and tax preparers to reference. This international taxation pdf provides valuable information on international tax forms, including the moist commonly required international tax forms, their due dates, who must file the form, and when the form is due. In addition to this international tax pdf, McGuire Sponsel’s Global Business Services team offers unmatched service in the field of international taxation. The Global Business Service team is able to prepare and review international tax forms for clients, ensuring that the correct international tax forms are completed, without error, and filed in time. We do not often help with international student tax return, but can offer support in finding advisors to help with this. In addition to its international tax form preparation and review service, the Global Business Service team can also help in other areas, including obtaining an international IRS number for foreign corporations with U.S. international tax reporting requirements and guidance on how to structure global operation to decrease the US tax liability for US taxpayers with international tax form requirements. This approach to international tax form works to ensure clients have a trusted resource in the international compliance space.

International Tax News

US corporations or foreign corporations with US tax reporting obligations should keep a constant watch on U.S. international tax news and updates. Changes in an individual country’s tax law could dramatically alter the global international tax  landscape, as other countries work to keep pace and incentivize foreign investment. With the Biden administration’s start, there were many significant international tax updates 2021 alone, including the IRS’s introduction of schedules K-2 and K-3 for the 2021 reporting year, proposed changes to GILTI in the now sidelined Build Back Better plan, and increased momentum for a global minimum tax rate to prevent a “race to the bottom” among countries. While some of these were implemented, others proposed and rejected, and the remaining still ongoing, it is crucial that taxpayers keep pace with international tax news and maintain a flexibility within their organization in order to respond advantageously to any international tax updates. Additionally, organizations should not solely focus on international tax new, but political news on a macroeconomic scale as well. Russia’s invasion of Ukraine, for example, set off a myriad of economic events, capable of altering an organizations international tax position for the foreseeable future. These events should be just as important as international tax updates, as they can change the trajectory of an organization.