Before you decide to incorporate a business in the USA or abroad you need to understand the US tax implications of your decision. There are so many companies who will collect a quick fee and set up a company and they do not fully explain the tax consequences in the USA. US Citizens living abroad must file extensive tax returns if they incorporate a foreign company and foreigners who try to open a US LLC or Corporation also have onerous US tax requirements.
As experts in USA Expat and Non-Resident Taxes, we always see these problems after the end of the first year when the first tax return is due. Violations are particularly expensive if you fail to file a required international informational return with the IRS when one is required. These penalties can be $10,000 or more PER failure. You could also inadvertently cause yourself to owe the government corporate income taxes, payroll taxes, or other taxes. In addition, we often find that clients who come to us their first year after forming a company do not have adequate financial records to properly prepare their tax returns.
By offering a consultation service BEFORE you form a company, we can advise you of the tax complications you can expect. One of our goals is to see if we can help you accomplish your business objectives WITHOUT forming any company at all. If you do end up needing a company, we will assist you to make the proper elections that must be made with the Internal Revenue Service (IRS) right after forming the company.
If you have already formed a company, we can also assist with ensuring you stay in compliance with the tax laws and to make sure all of your books and records are in the proper state for when you do your tax return at the end of the year.
We have an initial consultation fee to discuss your formation plans and your business goals with the formation. There are plenty of online formation company who make their income from selling you a formation package. We work a little differently in that you are paying for advice and guidance and if you choose not to incorporate after speaking to us you may very well be better off!
Incorporating is the easy part and that is why so many companies offer that service. They collect a fee up front and leave you blissfully ignorant about the tax implications until you find you have a tax problem. The advice and guidance on the tax issues is the hard part and that is why they do not offer personal advice! If you would like more information about our formation guidance and advice, please press the button below go get started.
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