Tax Preparation for Entities

 

 

U.S. Entity Tax Returns

If you operate a business, you most likely operate it through a business entity, such as a corporation or limited liability company. Similar to individuals, these entities usually need to file a tax return with the IRS annually. Entity tax returns are often more complex than individual returns due to accounting methods, equity accounts, balance sheets, and depreciation – just to name a few.

 

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Foreign Entity Tax Returns

You may be thinking of expanding your business into the U.S., or maybe you’ve done so already. In either case you need to be aware of how the U.S. taxes a foreign entity doing business in the U.S.

 

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Foreign Bank and Financial Accounts (FBAR)

If you are an officer, manager, director, or other responsible party for a U.S. entity that has foreign financial accounts, you better be sure the entity files an FBAR – or the taxman will come for you. And let’s face it, that’s an unpleasant experience that no one wants.

 

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Foreign Account Tax Compliance Act (FATCA)

FATCA is legislation that was enacted to combat tax evasion by U.S. persons with foreign financial assets. The Foreign Account Tax Compliance Act (FATCA) punishes foreign financial institutions (FFIs) for failure to turn over information on its U.S. account holders to the IRS. Under FATCA foreign financial institutions failing to comply will be subject to 30% withholding of certain payments it receives.

 

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Amended Tax Returns

On occasion, it can happen that you file a tax return that isn’t accurate. For example, you inadvertently omitted revenue or deductions. In order to correct the error you should file an amended return.

 

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Tax Return Review

If you didn’t use our services to prepare your tax return, we are available to review your tax return for accuracy. If we find errors in the return we can correct them by filing an amended return for you. It is always better to err on the side of caution when it comes to your taxes.

 

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